Overview

• London spot touched $3,759.23 per ounce overnight Tuesday, surpassing Monday’s peak, with a euro-record of €3,185.10.
• The latest surge followed last week’s US rate cut, with the Fed signaling two additional quarter-point reductions by year-end.
• Dollar weakness has supported prices, making bullion cheaper for global buyers and enhancing its appeal versus interest-bearing assets.
• Safe-haven demand remains elevated due to geopolitical tensions such as the war in Ukraine and aggressive US trade policy alongside Trump’s attacks on the Fed.
• ANZ’s Soni Kumari said expectations for stronger US cuts are growing, indicating the potential for further price gains.