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Gold jumps to record above $2,460 an ounce on hopes Fed will soon cut rates
Gold surged to a historic high on Tuesday amid mounting expectations of an interest rate cut in September, driving heightened demand for the precious metal.
Gold futures rose by 1.7% to reach $2,471.1, surpassing the previous peak of $2,454.20 set on May 20.
During the trading session, spot gold climbed 1.8% to $2,465.95, marking an all-time high based on LSEG data dating back to 1968, without adjusting for inflation.
Earlier this year, gold prices had reached record levels but retreated amidst concerns over sustained higher interest rates, dampening investor appetite for bullion. However, renewed interest surfaced following softer inflation data in June and dovish remarks from Federal Reserve Chair Jerome Powell, which raised expectations of impending rate cuts. According to the CME FedWatch tool, markets are now pricing in a 100% probability of a rate cut in September.
The decline in the U.S. dollar has further bolstered gold demand. Despite rebounding from a five-week low on Tuesday, fluctuations in the greenback have underscored gold's allure as a safe-haven asset.
Joni Teves, a strategist at UBS, highlighted that "interest to ‘buy-the-dip’ remained prevalent among investors amid strong sentiment towards gold," attributing the market's swift rally to soft U.S. economic data and dovish Fed expectations. Teves pointed out the psychological importance of the $2400 level, suggesting potential upside risks due to restrained positioning and opportunities for investors to augment their exposure to gold.
In the first half of 2024, gold surged to unprecedented heights driven by robust demand from central banks worldwide amid escalating geopolitical tensions. UBS reported that central bank purchases of bullion are currently the highest since the late 1960s, driven by apprehensions surrounding the safety of holding USD- and EUR-denominated assets amidst financial turmoil and geopolitical instability, including the conflict in Ukraine.
Tuesday also saw a surge in gold mining stocks, with the VanEck Gold Miners ETF climbing 3%, poised for its fifth gain in six days. U.S.-listed shares of Harmony Gold and Gold Fields notably rose by 16% and 6%, respectively, reflecting investor optimism within the sector amid gold's upward trajectory.
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We work on every year, make and model including
Acura, Aston Martin, Audi, Bentley, BMW, Buick, Cadillac, Chevrolet, Chrysler, Dodge, Ferrari, Fiat, Ford, Freightliner, Geo, GM, GMC, Honda, Hyundai, Infinity, Jaguar, Jeep, Kia, Lamborghini, Land Rover, Lexus, Lincoln, Maserati, Mazda, McLaren, Mercedes Benz, Mercury, Mini Cooper, Mitsubishi, Nissan, Oldsmobile, Peugeot, Pontiac, Plymouth, Porsche, Ram, Saab, Saturn, Scion, Smart Car, Subaru, Suzuki, Tesla, Toyota, Volkswagen, Volvo and more!
All insurance companies are accepted including
Allstate, State Farm, Geico (Government Employees Insurance Company), Progressive, USAA (United Services Automobile Association), Liberty Mutual, Nationwide, Travelers, Farmers Insurance, American Family Insurance, AAA (American Automobile Association), AIG (American International Group), Zurich Insurance Group, AXA, The Hartford, Erie Insurance, Amica Mutual Insurance, Mercury Insurance, Esurance, MetLife Auto & Home, Safeway and many , many more!
States We Service
Front Windshield Replacement, Door Glass Replacement, Back Glass Replacement, Sun Roof Replacement, Quarter Panel Replacement, Windshield Repair
AutoGlass Services Provided
Front Windshield Replacement, Door Glass Replacement, Back Glass Replacement, Sun Roof Replacement, Quarter Panel Replacement, Windshield Repair
#1 Free Windshield Replacement Service in Arizona and Florida!
Our services include free windshield replacements, door glass, sunroof and back glass replacements on any automotive vehicle. Our service includes mobile service, that way you can enjoy and relax at the comfort of home, work or your choice of address as soon as next day.
Schedule Appointment Now or Call (813) 951-2455 to schedule today.
Areas Served in Florida
Miami, Orlando, Tampa, Jacksonville, Fort Lauderdale, Destin, Naples, Key West, Sarasota, Pensacola, West Palm Beach, St. Augustine, FT Myers, Clearwater, Daytona Beach, St. Petersburg, Gainesville, Kissimmee, Boca Raton, Ocala, Panama City, Panama City Beach, Miami Beach, Bradenton, Cape Coral, The Villages, Palm Beach, Siesta Key, Cocoa Beach, Marco Island, Vero Beach, Port St. Lucie, Pompano Beach, Florida City, Punta Gorda, Stuart, Crystal River, Palm Coast, Port Charlotte and more!
Areas Served in Arizona
Phoenix, Sedona, Scottsdale, Mesa, Flagstaff, Tempe, Grand Canyon Village, Yuma, Chandler, Glendale, Prescott, Surprise, Kingman, Peoria, Lake Havasu City, Arizona City, Goodyear, Buckeye, Casa Grande, Page, Sierra Vista, Queen Creek and more!
We work on every year, make and model including
Acura, Aston Martin, Audi, Bentley, BMW, Buick, Cadillac, Chevrolet, Chrysler, Dodge, Ferrari, Fiat, Ford, Freightliner, Geo, GM, GMC, Honda, Hyundai, Infinity, Jaguar, Jeep, Kia, Lamborghini, Land Rover, Lexus, Lincoln, Maserati, Mazda, McLaren, Mercedes Benz, Mercury, Mini Cooper, Mitsubishi, Nissan, Oldsmobile, Peugeot, Pontiac, Plymouth, Porsche, Ram, Saab, Saturn, Scion, Smart Car, Subaru, Suzuki, Tesla, Toyota, Volkswagen, Volvo and more!
All insurance companies are accepted including
Allstate, State Farm, Geico (Government Employees Insurance Company), Progressive, USAA (United Services Automobile Association), Liberty Mutual, Nationwide, Travelers, Farmers Insurance, American Family Insurance, AAA (American Automobile Association), AIG (American International Group), Zurich Insurance Group, AXA, The Hartford, Erie Insurance, Amica Mutual Insurance, Mercury Insurance, Esurance, MetLife Auto & Home, Safeway and many , many more!
States We Service
Front Windshield Replacement, Door Glass Replacement, Back Glass Replacement, Sun Roof Replacement, Quarter Panel Replacement, Windshield Repair
AutoGlass Services Provided
Front Windshield Replacement, Door Glass Replacement, Back Glass Replacement, Sun Roof Replacement, Quarter Panel Replacement, Windshield Repair
#1 Free Windshield Replacement Service in Arizona and Florida!
Our services include free windshield replacements, door glass, sunroof and back glass replacements on any automotive vehicle. Our service includes mobile service, that way you can enjoy and relax at the comfort of home, work or your choice of address as soon as next day.
Schedule Appointment Now or Call (813) 951-2455 to schedule today.
Areas Served in Florida
Miami, Orlando, Tampa, Jacksonville, Fort Lauderdale, Destin, Naples, Key West, Sarasota, Pensacola, West Palm Beach, St. Augustine, FT Myers, Clearwater, Daytona Beach, St. Petersburg, Gainesville, Kissimmee, Boca Raton, Ocala, Panama City, Panama City Beach, Miami Beach, Bradenton, Cape Coral, The Villages, Palm Beach, Siesta Key, Cocoa Beach, Marco Island, Vero Beach, Port St. Lucie, Pompano Beach, Florida City, Punta Gorda, Stuart, Crystal River, Palm Coast, Port Charlotte and more!
Areas Served in Arizona
Phoenix, Sedona, Scottsdale, Mesa, Flagstaff, Tempe, Grand Canyon Village, Yuma, Chandler, Glendale, Prescott, Surprise, Kingman, Peoria, Lake Havasu City, Arizona City, Goodyear, Buckeye, Casa Grande, Page, Sierra Vista, Queen Creek and more!
We work on every year, make and model including
Acura, Aston Martin, Audi, Bentley, BMW, Buick, Cadillac, Chevrolet, Chrysler, Dodge, Ferrari, Fiat, Ford, Freightliner, Geo, GM, GMC, Honda, Hyundai, Infinity, Jaguar, Jeep, Kia, Lamborghini, Land Rover, Lexus, Lincoln, Maserati, Mazda, McLaren, Mercedes Benz, Mercury, Mini Cooper, Mitsubishi, Nissan, Oldsmobile, Peugeot, Pontiac, Plymouth, Porsche, Ram, Saab, Saturn, Scion, Smart Car, Subaru, Suzuki, Tesla, Toyota, Volkswagen, Volvo and more!
All insurance companies are accepted including
Allstate, State Farm, Geico (Government Employees Insurance Company), Progressive, USAA (United Services Automobile Association), Liberty Mutual, Nationwide, Travelers, Farmers Insurance, American Family Insurance, AAA (American Automobile Association), AIG (American International Group), Zurich Insurance Group, AXA, The Hartford, Erie Insurance, Amica Mutual Insurance, Mercury Insurance, Esurance, MetLife Auto & Home, Safeway and many , many more!
States We Service
Front Windshield Replacement, Door Glass Replacement, Back Glass Replacement, Sun Roof Replacement, Quarter Panel Replacement, Windshield Repair
AutoGlass Services Provided
Front Windshield Replacement, Door Glass Replacement, Back Glass Replacement, Sun Roof Replacement, Quarter Panel Replacement, Windshield Repair
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Gold jumps to record above $2,460 an ounce on hopes Fed will soon cut rates
Gold surged to a historic high on Tuesday amid mounting expectations of an interest rate cut in September, driving heightened demand for the precious metal.
Gold futures rose by 1.7% to reach $2,471.1, surpassing the previous peak of $2,454.20 set on May 20.
During the trading session, spot gold climbed 1.8% to $2,465.95, marking an all-time high based on LSEG data dating back to 1968, without adjusting for inflation.
Earlier this year, gold prices had reached record levels but retreated amidst concerns over sustained higher interest rates, dampening investor appetite for bullion. However, renewed interest surfaced following softer inflation data in June and dovish remarks from Federal Reserve Chair Jerome Powell, which raised expectations of impending rate cuts. According to the CME FedWatch tool, markets are now pricing in a 100% probability of a rate cut in September.
The decline in the U.S. dollar has further bolstered gold demand. Despite rebounding from a five-week low on Tuesday, fluctuations in the greenback have underscored gold's allure as a safe-haven asset.
Joni Teves, a strategist at UBS, highlighted that "interest to ‘buy-the-dip’ remained prevalent among investors amid strong sentiment towards gold," attributing the market's swift rally to soft U.S. economic data and dovish Fed expectations. Teves pointed out the psychological importance of the $2400 level, suggesting potential upside risks due to restrained positioning and opportunities for investors to augment their exposure to gold.
In the first half of 2024, gold surged to unprecedented heights driven by robust demand from central banks worldwide amid escalating geopolitical tensions. UBS reported that central bank purchases of bullion are currently the highest since the late 1960s, driven by apprehensions surrounding the safety of holding USD- and EUR-denominated assets amidst financial turmoil and geopolitical instability, including the conflict in Ukraine.
Tuesday also saw a surge in gold mining stocks, with the VanEck Gold Miners ETF climbing 3%, poised for its fifth gain in six days. U.S.-listed shares of Harmony Gold and Gold Fields notably rose by 16% and 6%, respectively, reflecting investor optimism within the sector amid gold's upward trajectory.
Blogs & News
Stay up to date on all AutoGlass, free windshield replacements and News in the states of Florida & Arizona