Gold trades above USD 3,500/ Reason, weaker dollar and expectations for interest rate cuts
The price of gold surpassed $3,500 an ounce, hitting a record high, as a weaker dollar and expectations of interest rate cuts from the U.S. Federal Reserve boosted demand for the metal. Gold bullion has gained 32% since the start of the year.
A financial market analyst said that "the weaker economic backdrop and expectations of rate cuts from the Fed are increasing interest in precious metals."
Another factor is the growing crisis of confidence in dollar-denominated assets due to President Donald Trump's attacks on the Federal Reserve. Trump has repeatedly criticized the Fed and its chairman, Jerome Powell, for not cutting rates and has recently attacked him for the expensive renovation of the central bank's headquarters in Washington. Traders predict a 90% chance of a 0.25% rate cut by the Fed on September 17.
Gold typically performs well in a low interest rate environment, as it is an asset that does not generate income, unlike bonds or bank deposits.
Meanwhile, expectations of rate cuts and concerns about the Fed's independence have weakened the US dollar, which is hovering near its lowest level in more than a month against its rivals, making gold cheaper for international buyers.
Long considered a reliable hedge against geopolitical and economic turmoil, the precious metal has hit multiple records in 2025, supported by continued purchases by central banks. Also, demand for safety amid global trade tensions and a weakening dollar have fueled growth.
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