Gold markets surged to a new all-time high on Tuesday as rate markets fully anticipated a September rate cut from the Federal Reserve (Fed). US Retail Sales stagnated in June, adding more weak data following last week’s cooler-than-expected US Consumer Price Index (CPI) inflation report.
With US data weakening and mounting concerns about an economic downturn impacting the US economy, expectations for rate cuts have soared, driving investors towards Gold. Consequently, XAU/USD reached a record high of $2,465.30 during Tuesday’s US market session.
