Gold up to a new high as US dollar softened

The price of gold hit another new high, trading at around $2,500 per ounce on Monday.

It comes amid growing investor expectations that the US Federal Reserve will start rolling out rate cuts.

Fuelled by recent dovish sentiments emanating from the US Federal Reserve, ahead of the annual Jackson Hole Symposium (which takes place this week), financial markets are increasingly expecting a rate cut in September.

On top of the ecomonics, geopolitical tensions, particularly in the Middle East, are also contributing to the heightened demand for gold.

The so-called ‘safe-haven’ commodity, along with silver, has seen a increase in demand.

Market watchers whilst noting ‘some profit-taking’, speculate that the technical outlook for gold remains bullish.

Technical analysts and chartists reckon that if gold can sustain levels above $2,510, the next target could be $2,550.