The Fed is set to cut interest rates in September
As Federal Reserve officials' remarks solidified people's expectations of a rate cut in September, investors rushed to the safe-haven asset of gold, and spot gold hit a historic high. Bart Melek, head of commodity strategy at TD Securities, said, "Now the probability of a rate cut by the Federal Reserve in September has reached 100%, and Fed Chairman Powell's remarks yesterday are pushing the gold market higher." Phillip Streible, chief investment strategist at Blue Line Futures, also said, "We will see two rate cuts (this year), one in September and one in December, because expectations for a rate cut in September have risen to 100%."
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