Gold prices surged to a record high on Friday, benefiting from a weaker dollar and strong expectations for Fed interest rate cuts, significantly lifting market sentiment.
Former New York Fed President Bill Dudley indicated that a 50-basis-point cut was more likely, influencing expectations and pushing gold beyond its previous trading range.
Market analysts are closely watching U.S. consumer sentiment data today, which could shed light on economic conditions as traders prepare for the upcoming Federal Reserve meeting.
The outlook for gold is positive, supported by lower interest rates from central banks worldwide and ongoing geopolitical tensions, which are likely to continue driving prices up.
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