Global Gold Prices Surge for Fourth Consecutive Week, Expected to Hit $3,000 by Year-End

Gold prices edged higher for the fourth consecutive week in the international market mainly on the back of expectations the Federal Reserve will cut interest rates in September. The gold prices rose to almost 1% this week that reached $2,446 by the end of the week. per ounce on Friday which himself an all-time high price of $ 2483 per ounce. 60 on Wednesday.

Business scholars estimated a rate cut by the Fed is 98% in September and for this reason, people expected that gold prices could reach $3 000 per ounce by end of year. Hawkish flight has become less of an issue with regards to policy awaiting soon to begin downward journey based on the Fed Chair Jerome Powell’s comment on inflationary readings.

Unlike this, global price of silver went down this week and closed at $29. 30 per ounce. It is quite clear when the expectations of rate cut materializes and gold prices go up it has a bearing to both the institution especially investors and the world economy.