BREAKING: Gold prices rallied 1.8% on Tuesday and hit a new all-time record
Gold is up by 20% year-to-date, beating the S&P 500 gain of 18%
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Gold prices skyrocketed by over 1.8% in today's trading and are up by 20% year-to-date, beating the S&P 500 gain of 18%. Over the last 3 years, gold is up by 37% versus the S&P 500 gain of 30%.
It has been driven by increasing bets that the Fed will start cutting rates in September. The market is currently pricing a 100% probability of the 1st rate reduction in September. It also sees a 63% chance of 3 rate cuts this year.
Why rate cuts are bullish for gold? Is gold heading to $3,000? To find answers to these questions read the full analysis below:
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