GOLD PRICE TEMPORARILY AT RECORD LEVEL, ETF INVESTORS BUY AGAIN – COMMERZBANK
The Gold price rose to a record high this week, buoyed by expectations of early Federal Reserve (Fed) interest rate cuts, Commerzbank’s commodity strategist Carsten Fritsch notes.
Gold price is well supported at record levels
“According to Fed Fund Futures, the market expects a first rate cut in September, almost another one in November and a total of almost three rate cuts by the end of the year. This now seems very ambitious. Our economists do not expect the first Fed rate cut until December. Accordingly, we think the Gold price has already run too far ahead.”
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