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Gold hits new all-time high on Monday
Gold rose to a record high on Monday, September 15, supported by a weaker dollar and lower U.S. Treasury yields, ahead of a crucial Federal Reserve meeting this week that could determine the course of the rest of the year.
Spot gold rose 0.9% to $3,674.09 per ounce, after hitting a record high of $3,674.63 earlier in the session.
Bullion prices rose about 1.6% last week. December gold futures rose 0.7% to $3,712.70.
"The bullish outlook remains intact, but a period of consolidation or a slight pullback could be a healthy outcome that supports gold's ambition to reach higher price targets in the future," Tim Waterer, senior market analyst at KCM Trade, told Reuters.
The dollar index rose 0.1%, making dollar-denominated gold more expensive for buyers holding other currencies.
US inflation data for August came in slightly above expectations, but investors believe this will not deter the Federal Reserve from cutting interest rates by a quarter percentage point on Wednesday.
Waterer added, "The risk for gold this week is that the Fed may not be clear enough about the timing of the next rate cut."
Non-yielding gold is typically viewed as a safe haven in times of turmoil and tends to perform well in a low-interest-rate environment.
This week's Fed meeting comes amid several challenges, including a legal dispute over its leadership and US President Donald Trump's efforts to assert greater control over interest rate policy and the broader role of the central bank.
Goldman Sachs said in a note issued on Friday: "While we view the risks surrounding our $4,000 per ounce forecast by mid-2026 as skewed to the upside, the rise in speculative bets increases the risk of tactical pullbacks, given that speculative positions typically tend to mean-revert."
Data showed that speculators reduced their net long positions in gold futures by 2,445 contracts to 166,417 contracts during the week ending September 9.
In other precious metals, spot silver rose 0.3% to $42.29 per ounce, platinum rose 0.9% to $1,403.77, and palladium rose 0.2% to $1,199.35.
