Gold prices are trading in today’s Asian session above 2200 levels.
Gold prices rallied to fresh all-time highs of $2,222 an ounce overnight after the Federal Reserve upgraded its forecasts for the US economy and signalled that it is still on track to make three rate cuts by year end.
Gold has an inverse relationship with interest rates and given the Fed’s comments, it can be expected that these rate cuts will most likely come before the US Presidential Election in November which should potentially take Gold prices higher.
