Gold Price News: Gold price reaches new heights

At the beginning of the trading day, on September 16, 2024, the gold price rose again, but moderately, to around 2,590.00 USD per troy ounce. This increase reflects the general weakness of the US dollar and expectations of imminent interest rate cuts by the US Federal Reserve, which, according to CME's FedWatch Tool, are likely to be 50 basis points with a probability of 59%.

Financial markets are particularly focused on the US Federal Reserve's interest rate decisions, which are due this week. In particular, analysts at Commerzbank expect the Fed to cut US interest rates by a total of 100 basis points by the end of the year, which should continue to support the gold price. In addition, geopolitical tensions and macroeconomic data continue to reinforce gold's attractiveness as a safe haven investment.

The positive market sentiment for gold remains. The weak US dollar and low yields on US Treasury bills have led to significant price increases for gold in 2024 and several record highs. The attractiveness of gold as a safe haven investment is further solidified by these macroeconomic factors. 

Silver is also performing strongly and recently reached 31.10 USD per troy ounce, supported by the European Central Bank's interest rate cut and the general demand for safe investments.

With central bank decisions on the horizon and geopolitical uncertainties still present, gold is expected to continue to play an important role in investment portfolios seeking safety in uncertain times. Further price increases or corrections in the gold price could follow in line with the decisions of the central banks and economic indicators. The current detailed reports and analyzes indicate that the gold markets continue to be influenced by a variety of global factors, presenting traders and investors with both challenges and opportunities.