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Gold Price Hits Record High Amid Economic Uncertainty and Rate Cut Speculation
Gold Price Hits Record High Amid Economic Uncertainty and Rate Cut Speculation
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BTCCSquare news:
Gold surged to a historic high of $3,638 as weak U.S. labor data fueled fears of an economic slowdown. August's jobs report fell short of expectations, pushing unemployment to 4.3%—the highest level in nearly four years. Market participants now anticipate aggressive Federal Reserve action, with some analysts pricing in a 50-basis-point rate cut later this month.
The precious metal's rally reflects its traditional role as a SAFE haven during periods of monetary easing. A softening dollar further amplified gold's appeal to international buyers. Capital.com's Kyle Rodda notes: "All tailwinds are blowing for gold at the moment." The metal appears poised to test the $3,600 threshold barring unexpected inflation data.
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