Gold price scales higher for the fourth straight day and touches a fresh all-time peak on Friday.
Major central banks remain in rate-cut mode and continue to benefit the non-yielding XAU/USD.
Middle East tensions and the US political uncertainty provide an additional boost to the commodity.
Gold price (XAU/USD) climbs above the $2,700 mark, hitting a fresh record high on Friday amid the expected interest rate cuts by major central banks and easing monetary policy environment. Moreover, persistent geopolitical risks stemming from the ongoing conflicts in the Middle East, along with the uncertainty surrounding the US Presidential election, seem to stimulate demand for the safe-haven precious metal.
The supporting factors, to a larger extent, offset the recent US Dollar (USD) rally to its highest level since August, bolstered by the growing acceptance that the Federal Reserve (Fed) will proceed with modest rate cuts. A stronger buck tends to undermine demand for USD-denominated commodities, including the Gold price, which remains on track to register strong weekly gains and seems poised to appreciate further.
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