Gold Hits Fresh Record High as Week Begins

Gold prices opened the week at record levels, buoyed by last week’s Federal Reserve interest rate cut. The ounce rose 0.89% to $3,718, while gram gold climbed 0.64% to 4,934 lira, marking new all-time highs.

Analysts note that continued support from U.S. economic data for a dovish Fed stance could pave the way for further highs in the coming days. Markets are now focused on the release of the core PCE price index on Friday, the Fed’s preferred inflation gauge.

Additionally, Fed Chair Jerome Powell and several officials are expected to speak this week, with investors watching closely for signals on the monetary policy outlook. According to CME FedWatch, markets are pricing in a 25-basis-point cut in October with a 92% probability, and another in December with an 80% probability.