Gold has made another new record high. The metal continues its parabolic rise, much behaving like Bitcoin at this point, but while gold climbs, Bitcoin is being dumped.
Spot gold reached $4,379 in Asian trading and was holding around $4,340 by 09:30 GMT.
The rally comes amid growing expectations of a Federal Reserve rate cut this month, dovish signals from Chair Jerome Powell, and renewed U.S.-China tariff tensions. Central bank purchases, inflows into gold ETFs, and strong festival-season demand in India also added fuel to the move.
Meanwhile, global equities are selling off after new banking fears emerged overnight, sending investors rushing into safe-haven assets. The combination of economic uncertainty, geopolitical risk, and monetary easing expectations has reinforced gold’s allure.
Traders are pricing in a strong likelihood of a Fed rate cut in October as economic data points to slowing growth and cooling inflation. Fed Governors Christopher Waller and Stephen Miran have signaled support for easing, further underpinning bullion’s advance.
Gold is now up nearly 10% this week, extending its record-breaking rally to a fifth straight session, highlighting extreme momentum in the market.