Gold Hits Record High as US Dollar Plummets

The price of gold surged to an all-time high of $2,135 per troy ounce as the US dollar weakened. This rally began in November 2022 and is in opposition to the falling US dollar, which has been impacted by global conflicts and expectations of interest rate cuts by the Federal Reserve. Hedge fund billionaire Bill Ackman predicts a rate cut in the first quarter to avoid a hard landing for the US economy, while JPMorgan chief Jamie Dimon warns of a looming recession. Economists are divided on whether the Fed will cut rates and whether the US economy is headed for a soft or hard landing.