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Bloomberg: EUFN
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Gold Jumps To 6-Year High On Tuesday

Author:
Eray Bekir
Investors

Gold prices hit their highest level in six years on Tuesday as investors plowed into the precious metal amid the prospects for lower interest rates, a softer global economy and increased geopolitical tensions.

Futures for August delivery hit a high of $1,442.90 per ounce overnight, its highest level since May 14, 2013, when it reached $1,444.90. As of 9:48 a.m. ET, gold traded 1.2% higher at $1,435.60.

Gold has been on a tear recently, rallying more than 8% this month and over 9% for the quarter. Those gains put the metal on pace for its best monthly and quarterly performances since 2016.

In that time, expectations for the Federal Reserve to cut interest rates have increased sharply. Traders are currently pricing in a 100% probability of a rate cut in July, according to the CME Group’s FedWatch tool.

Source: www.cnbc.com

 

 

International Financial Markets Department

Euro-Finance Ltd.

forex@eurofinance.bg

www.eurofinance.bg 

*This material should not be considered as a recommendation for buying/selling securities.