Spot gold broke through $3,600 in early European trading, continuing to hit a record high, mainly due to the strengthening of market expectations for the Federal Reserve to cut interest rates this month. After last week's weaker-than-expected non-farm payrolls report, investment banks have increased their bets on the Federal Reserve to cut interest rates this year. Bank of America expects the Federal Reserve to cut interest rates twice this year. Previously, it was expected that interest rates would not be cut. Standard Chartered expects to cut interest rates by 50 basis points in September. Previously, it expected to cut interest rates by 25 basis points in September. Macquarie brought forward its December interest rate cut expectations to October. Barclays expects the Federal Reserve to cut interest rates continuously this year.
Kyle Rodda, analyst at Capital.com Financial Marekt, said the market now expects the Federal Reserve to cut interest rates by 50 basis points in September, which is a remote possibility but a significant shift from before the employment data. Beyond that, all the bullish factors are now supporting gold: China's central bank has increased its gold holdings for the tenth consecutive month, and CFTC data shows traders increasing their net long positions in gold.
Analysis: The Federal Reserve's interest rate cut outlook strengthens, spot gold continues to hit a record high
2025-09-08 07:38:42
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