Gold has seen increased demand as a haven asset due to rising geopolitical risks, including tensions in the Middle East and Russia's war with Ukraine.
Investor positioning is shifting as speculators boosted their net-bullish bets on Comex gold futures to a near four-year high, signaling increasing confidence in gold's value.
While there’s debate over the depth of potential Fed rate cuts, many believe that prices could rise further to $2,700 as monetary policy aligns favorably for gold.
Spot bullion climbed 2.2% Friday, exceeding the previous record, as disappointing US housing market data reinforced expectations of quick and deep interest rate cuts by the Fed.
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