Spot gold prices surged past the $3,500 per ounce level on Tuesday, rising on the back of increased hopes of the Federal Reserve cutting interest rates in September.
Gold prices continued to surge on Tuesday, extending an increase in the prices of the yellow metal as investors flocked to the safe-haven asset amid growing geopolitical and economic uncertainties.
Spot gold prices surged past the $3,500 per ounce barrier on Tuesday, rising on the back of increased hopes of the Federal Reserve cutting interest rates at the upcoming Federal Open Market Committee (FOMC) meeting later this month.
According to a report by The Guardian, UBS Global Wealth Management’s chief investment officer, Mark Haefele, stated that gold prices are expected to surpass the $3,700 per ounce level by June 2026, as the safe-haven asset benefits from ongoing uncertainties. Haefele also thinks that gold could breach the $4,000 barrier if geopolitical and economic conditions deteriorate.
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