Gold Prices Surpass $2,500/Oz, Up 8%, Amid Inflation Concerns

Aug 16, 2024, 10:23 AM

Gold prices have reached new record highs, surpassing $2,500 per ounce for the first time. This milestone comes as investors closely monitor U.S. inflation data, which could influence future monetary policy decisions by the Federal Reserve. The surge in gold prices reflects increased safe-haven demand amid economic uncertainties and expectations of potential interest rate cuts. The rise in gold prices also coincides with a weaker U.S. dollar, which has been affected by recent inflation data indicating subsiding inflation pressures. Gold is now up more than 8% and recently hit $2,486 per ounce, marking the highest daily close in history.