New York, November 8:
Gold prices surged more than 1% on Friday, supported by growing expectations that the US Federal Reserve may begin cutting interest rates sooner than anticipated. Investors turned to the precious metal as a safe haven amid rising concerns about a potential global economic slowdown. The softer dollar and easing bond yields further strengthened gold’s appeal, pushing prices to their highest level in weeks.
Market analysts noted that increasing worries over weakening economic data have led traders to seek the safety and stability of gold. They added that any clear indication from the Fed regarding rate cuts could drive prices even higher in the coming months. With uncertainty lingering in global markets, demand for gold is expected to remain strong as investors prioritise risk-free assets.
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