Gold Soars to All-Time Highs on Fed-Cut Bets

Gold has surged to fresh all-time highs this week, trading around $3,750–$3,816 an ounce and rising about 43–44% year-to-date, its best performance since 1979. The rally is being driven by markets pricing strong odds of U.S. Federal Reserve rate cuts this autumn (with high odds for October and December), a softer dollar, heavy ETF inflows and significant central-bank buying. Geopolitical tensions in Ukraine and the Middle East, along with concerns about U.S. fiscal and market excesses, have reinforced gold’s safe-haven appeal. China is actively courting foreign central banks to buy and store sovereign gold via the Shanghai Gold Exchange, a move that could reshape global bullion flows. The precious-metal surge lifted related markets: silver hit record highs in India and ASX-listed gold miners and other commodity-linked stocks rallied, while investors await Fed Chair Jerome Powell’s remarks for further policy cues.