Gold Surpasses $4300 for the First Time Amid Rising Tensions Between China and America

SadaNews Economy - The price of gold has surpassed the $4300 per ounce mark for the first time, as tensions between the United States and China have driven investors towards safe-haven assets, while increasing expectations for a rate cut by the Federal Reserve this month have fueled this momentum.

The spot price of gold reached a record level of $4312.00 per ounce, while U.S. gold futures for December hit a record high of $4328.70 per ounce.

Traders are betting on at least one significant rate cut by the end of the year, as Federal Reserve Chairman Jerome Powell indicated this week that the central bank is poised to approve a new quarter-point cut later this month.