Gold soared to record highs at $2,589 per ounce as markets expect the Fed to cut rates significantly, with a 59% probability of a 50-bps cut.
Despite strong inflation data, traders anticipate multiple rate cuts this year due to a weak labor market, fueling gold's bullish trend and increasing demand.
The yield on the two-year Treasury note reached a two-year low of 3.555%, creating a favorable environment that further supports gold's rising prices.
Political uncertainties, including an assassination attempt on Trump, appear to enhance gold's attractiveness as a safe haven amid economic instability.
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