Gold price hits another record with Powell speech in focus

Ben Graham · Setembro 23

Gold climbed to yet another record on Tuesday, bolstered by increased expectations of further US rate cuts, with investors awaiting Federal Reserve Chair Jerome Powell’s speech later in the day for further policy cues.

Spot gold shot up nearly 1% to set a new all-time high of $3,790.64 per ounce, before pulling back below the $3,770 level. Meanwhile, US gold futures broke past the $3,800 barrier, trading 0.9% higher at $3809.1 an ounce.

Over the past week, bullion has gained more than 2% while setting a new high almost every trading session, riding the momentum of the Federal Reserve’s first rate cut this year and expectations of further cuts down the line.

According to the CME FedWatch tool, investors are predicting two more 25-basis point cuts, one each in October and December, with a 90% and 73% probability, respectively.

Earlier this week, new Fed Governor Stephen Miran called for aggressive rate cuts, stating that the central bank was misreading how tight it has set monetary policy and will put the job market at risk.

“Miran’s dovish posture certainly heightens the expectation of greater rate cuts as it seems the US administration is keen to push this, and this is a gold-positive outcome,” Ross Norman, an independent analyst, told Reuters.

In 2025, the yellow metal has risen nearly 44%, with about a third of those gains coming over the past month in the lead-up to last week’s 25-basis-point rate cut. Also supporting this run was intense buying from institutional investors amid heightened demand for safe havens.

SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.6% to 1,000.57 tons, a more than three-year high.

Gold price poised to break out: Sprott

Gold’s record-setting rally, according to many analysts, has yet to reach its conclusion. Those at UBS recently lifted their year-end price target to $3,800 an ounce, while Goldman Sachs is predicting gold will hit the $4,000-an-ounce milestone by the middle of 2026.

Christopher Wood, global head of equity strategy at Jefferies, this week said that gold still has a 75% growth upside, taking it to as high as $6,600 in the coming months.

(With files from Reuters)

Sponsored: Secure your wealth today — buy gold bullion directly through our trusted partner, Sprott Money.