GOLD: Wait for The New High!

XAUUSD Gold Traders
09-17

$Gold - main 2512(GCmain)$ $XAU/USD(XAUUSD.FOREX)$ On Tuesday (September 16), gold prices briefly surpassed $3,700, hitting a record high as investors increased bets that the Federal Reserve would cut interest rates this week. New developments emerged regarding Trump's tariffs, with the U.S. Commerce Department considering additional tariffs on imported auto parts, which boosted safe-haven demand for gold.

Gold prices hit a record high of $3,703.07 on Tuesday. The weakening dollar boosted gold prices, with the dollar falling to its lowest level against major currencies in over two months.

The dollar index (DXY), which tracks the greenback against six major currencies, fell 0.7% to 96.64 on Tuesday, its lowest level since July 1. The weaker dollar makes gold cheaper for holders of other currencies.

Gold prices reached a record $3,703 on Tuesday before retreating below $3,680 and ultimately closing near $3,690. Gold appears poised to challenge its historical highs, extending its upward momentum toward $3,750 and $3,800.

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