Gold climbed more than 1% on Tuesday, breaking through the $3,500 mark per ounce and reaching an all-time high. The rally was fueled by growing expectations of a Federal Reserve rate cut in September and ongoing political and economic risks. Spot gold hit $3,529.93 per ounce, while U.S. gold futures for December delivery settled 2.2% higher at $3,592.20. The metal has already gained 34.5% this year.
Analysts point to several drivers behind gold’s record run: consistent central bank purchases, diversification away from the U.S. dollar, robust safe-haven demand during geopolitical tensions, and a broadly weaker dollar. Jewellery demand, especially during the seasonally strong period, has also added support.
Uncertainty around U.S. policy under President Donald Trump has increased gold’s appeal. His disputes with the Fed and criticism of key officials have raised concerns over the central bank’s independence, which analysts say makes gold a more attractive investment.
Markets now await U.S. nonfarm payroll data for further direction. A weak jobs report could intensify speculation about a larger rate cut, although most analysts see only a 25 basis point reduction likely. Meanwhile, ETF inflows are reinforcing momentum, with the SPDR Gold Trust holdings rising to their highest level since 2022.
Looking ahead, strategists at J.P. Morgan expect gold to reach $3,675 by the end of this year, with potential for $4,250 by 2026. Other precious metals showed mixed movements: silver edged up to $40.84 per ounce, platinum slipped slightly to $1,397.16, and palladium held steady at $1,137.33.
Powered by Markelitics.com
Navigate the trading markets and Discover a world of opportunities.
Bullwaves is a trading name of Equitex Capital Limited (Registration No. 8434948-1), a company authorized and regulated by the Financial Services Authority (the "FSA", licence no. SD185) with legal registered address in CT House, office number 9A, Providence, Mahe, Seychelles and physical address in Office No. Al9C, Providence Complex, Providence, Mahe, Seychelles.
ETX Services Limited with company registration number HE455407, a company registered in Cyprus with registered address Archiepiskopou Makariou lll 160, 3026 Limassol is appointed as Independent Representative and Distributor.
ETX Services Ltd is not the Licensed Entity in the EU but only acts as the Service entity for Equitex Capital Ltd.
Risk Disclaimer:
Over-the-counter derivatives are complex instruments and come with a high risk of losing your initial capital rapidly due to leverage. You should consider whether you understand how over-the-counter derivatives work and whether you can afford to take the high level of risk to your capital. Investing in over-the-counter derivatives carries significant risks and is not suitable for all investors.
When acquiring our derivative products you have no entitlement, right or obligation to the underlying financial asset. Equitex is not a financial advisor and all services are provided on an execution only basis. Information is of a general nature only and does not consider your financial objectives, needs or personal circumstances. Important legal documents in relation to our products and services are available on our website. You should read and understand these documents before applying for any Bullwaves products or services and obtain independent professional advice as necessary.
Regional Restrictions:
The information or services described on this website is not directed at or offered to residents of Belgium, North Korea, United States, Afghanistan, Belarus, Central African Republic, China, Iran, Russia, Cuba, Libya, Nicaragua, Palestinian Authority/Gaza/West Bank, Venezuela and to jurisdictions on the FATF and EU/UN sanctions lists or any other person in any jurisdiction where such distribution or use would be contrary to local laws or regulations. For more information please contact our support. Clients who onboarded via www.bullwaves.com can contact our support team at support@bullwaves.com.For complaints please email us at compliance@bullwaves.com
For complaints please email us at compliance@bullwaves.com