Gold has once again set a new record in the international market. On Monday (September 15), Reuters reported that for the first time in history, the price of gold per ounce crossed $3,680. In the spot market, gold rose to $3,680.80 per ounce, hitting a session high of $3,685.39, while U.S. futures for December delivery reached $3,719 per ounce.
Analysts say a weaker U.S. dollar and falling bond yields are pushing investors toward gold as a safe-haven asset. Ahead of the upcoming Federal Reserve meeting, investors are positioning themselves cautiously, with the dollar index falling 0.3% to a one-week low, making gold more attractive.
According to the CME FedWatch Tool, the market is almost certain the Fed will cut interest rates by 25 basis points, the first cut since last December. However, some investors are expecting a larger move of 50 basis points. Strategist Peter Grant noted that by the end of the year, one or two more cuts are possible, with gold’s next targets at $3,700, and possibly $3,730 to $3,743 in the short term.
Meanwhile, U.S. economic data shows mixed signals. Consumer prices in August recorded the fastest rise in seven months, while recent job data indicates weakness in the labor market—keeping pressure on the Fed to continue rate cuts.
Adding to the surge, reports suggest that China may ease rules on gold imports and exports. Independent metals trader Tai Wong said both government and private sector demand have significantly increased, fueling gold’s sharp price rise.