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The rally is not limited to dollar-denominated gold. In euro terms, gold prices also hit a new peak, surpassing €2,300 per troy ounce.
Fritsch pointed to the recent interest rate cut by the European Central Bank (ECB) as a contributing factor, with markets anticipating further ECB rate cuts in the coming months, providing additional support to gold’s rally.
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As global rate cut expectations grow, gold continues to benefit from its status as a safe-haven asset, gaining strength across multiple currencies.
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