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Gold Prices Jump 1% as Dollar Weakens
Gold Rises with Dollar Decline
Gold prices climbed nearly 1% on Wednesday, with spot gold reaching $3,344 per ounce, supported by a weaker U.S. dollar. The focus now shifts to the annual Jackson Hole Symposium, where the Federal Reserve may provide clues about its future policy.
U.S. gold futures also gained 0.9% to settle around $3,388 per ounce, rebounding from their lowest level since early August.
Rate Cut Expectations Boost Sentiment
The Fed’s latest meeting minutes revealed divisions among policymakers, with Michelle Bowman and Christopher Waller backing a rate cut, while most members favored holding rates steady. Despite this, markets are pricing in an 83% probability of a 25-basis-point cut next month, according to CME FedWatch.
Key Technical Levels for Gold
Analysts suggest that a dovish tone from Fed Chair Jerome Powell could push gold above the $3,350 level, potentially retesting the $3,400 mark in the near term.
Long-Term Outlook
Goldman Sachs maintained its forecast for gold to hit $4,000 per ounce by mid-2026, supported by strong central bank demand, ETF inflows, and a 30% chance of a global recession.
Other Precious Metals
Silver rose 1.1% to $37.78 per ounce, platinum gained 2.1% to $1,333, while palladium remained steady at $1,115.
