"Gold Hits Record High Amid Rate-Cut Optimism and Haven Bids"
TL;DR Summary
The price of gold reached a new high of $2,141.90 per troy ounce as investors anticipate potential rate cuts by the Federal Reserve. Gold is seen as a resilient investment and a hedge against inflation, leading to increased interest from both traders and retail outlets like Costco. Meanwhile, the Fed's preferred inflation gauge, the PCE price index, rose 2.4% for the 12 months ended in January, in line with expectations. Investors are closely watching Fed Chair Jerome Powell's congressional testimony for insights, while Bitcoin and stocks have also experienced significant surges in recent weeks.
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