It’s up more than 30% in 2025.
Transcript:
CAROLINE WOODS: Gold is on a tear. Prices soared past $3,500 an ounce Tuesday.
The rally is fueled by a weaker dollar and growing bets the Fed will cut rates in September, with traders pricing in a 90% chance of a quarter-point cut, according to the CME FedWatch tool.
Bullion is up more than 30% this year, its strongest run in over a decade.
Analysts cite central bank buying, global uncertainty, and a weak dollar as key drivers. Gold is also viewed as a safe haven during times of instability, and worries are growing that President Trump’s attacks on the Fed could undermine its independence.
Some analysts expect the rally to continue, and Bank of America is targeting $4,000 an ounce in the short- to medium-term.
Markets elsewhere are moving too: stocks hover near record levels, with the S&P 500 just 2% from all-time highs. Meanwhile, Bitcoin has slipped 11% from its recent peak.
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