Rate cut expectations and strong demand drive gold prices to continue soaring, gold surpasses the $3,780 mark

Jinse Finance reported that on Tuesday, gold prices climbed to a new high of $3,780 per ounce as market expectations for further interest rate cuts in the United States strengthened. Investors are awaiting Federal Reserve Chairman Powell's speech in the early hours of tonight for more policy signals. Gold futures for December delivery in the US rose above $3,800. Newly appointed Federal Reserve Governor Milan called for significant rate cuts on Monday. Independent analyst Ross Norman stated, "Milan's dovish stance has undoubtedly reinforced expectations for larger rate cuts, and it appears the US government is intent on pushing this process forward, which is bullish for gold." Norman added, "Gold is currently experiencing strong demand from institutional investors, who may be reallocating funds from the already peaked stock market, while demand in India is also robust." The premium on physical gold in India rose to a 10-month high this week. Despite record prices and the upcoming festival season, investors are still actively buying gold, betting that there is still room for further price increases. Norman also noted that in the short term, the movement of gold prices depends on whether demand in India can be sustained and whether the increase in ETF holdings remains stable. The world's largest gold ETF—SPDR Gold Trust—returned to a holding of 1,000 tons on Monday. (Golden Ten Data)