Gold hit a new record, trading at $2,567.93 per ounce

Gold price hit a new record, now trading at $2,567.93 per ounce, while experts are anticipating further increases.

Gold prices continue to increase

According to Reuters, gold prices increased by 1.9%, reaching 2,567.93 an ounce. The rise followed the release of the latest inflation data in the United States and was supported by speculation about potential interest rate cuts by the Federal Reserve.

MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a boost of nearly 0.53% while the US dollar fell against the yen yesterday. Meanwhile gold reached a new global high record as investors anticipate interest rate cuts by the Federal Reserve next week.

On the other hand, Asian stocks experienced an increase after traders raised bets to 41% for a 50 basis point US rate cut, according to the London Stock Exchange.

A report issued by ING Group NV, a global financial institution of Dutch origin that provides services in banking, insurance, and asset management, anticipates that US interest rate cuts will significantly boost gold prices. Experts expect gold prices to reach an average of $2,700 per ounce in 2025.

It is worth mentioning that Bank of America (BOA) analysts predict gold prices could approach $3,000 per ounce next year. This boost requires an increase in non-commercial demand and further interest rate cuts in the United States, according to the analysts.