12.09.202501:35:19UTC+00Gold Approaches Record High

Gold prices increased to approximately $3,640 per ounce on Friday, approaching a record high and poised for a fourth consecutive weekly rise, as the anticipation of a more relaxed monetary policy in the US remained strong. Recent US data revealed that the annual inflation rate held steady as anticipated, following an unexpected decrease in producer prices. Additionally, jobless claims escalated to their highest point in four years, highlighting labor market frailties. The markets have already accounted for a 25 basis points reduction in interest rates at the forthcoming Federal Reserve meeting, with heightened conjecture surrounding the potential for a more significant cut. Furthermore, gold gained continued support as a safe-haven asset amid geopolitical uncertainties. Reports suggest that the US is urging its G7 partners to levy higher tariffs on India and China due to their procurement of Russian crude oil. Meanwhile, tensions in the Middle East have escalated, and Poland reported intercepting Russian drones that breached its airspace amid intense attacks in western Ukraine.