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.
As global rate cut expectations grow, gold continues to benefit from its status as a safe-haven asset, gaining strength across multiple currencies.