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Gold hits record high – could it soar higher next year?

December 5, 2023

Via: MoneyWeek

Gold has hit a new all-time high, thanks to a weakening US dollar and expectations that interest rates will be cut next year.

The yellow metal reached a record high on 4 December) at the start of Asian trading, touching about $2,135 an ounce, following a strong close in the US on Friday.

“Gold has performed well over the past fortnight as the US dollar has weakened and traders started to price a lot more cuts from the US Federal Reserve into the interest rate curve. In addition, geopolitical tensions including the Israel-Hamas conflict have contributed to the recent rally in the gold price, especially at the start of November,” says John Reade, market strategist EMEA at the World Gold Council.

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