The price of gold continues to rise, reaching a record high. The world is focusing on the Federal Reserve's upcoming interest rate cut.

BlockBeats news, on September 12th, Spot gold continued to rise, hitting a historical high above $2550, as U.S. inflation data once again exceeded expectations and initial jobless claims rose, confirming the bet on the Fed’s rate cut next week. Ole Hansen, head of commodity strategy at Saxo Bank, said: “The European Central Bank’s rate cut, a slight rise in initial jobless claims, and PPI and other factors are enough to push gold prices to a historical high.” After the release of the August CPI on Wednesday, derivatives traders consolidated their bets on a 25 basis point rate cut at the Fed’s meeting next week. Hansen added that the start of the rate cut cycle may increase support for the gold market, regardless of the magnitude of the rate cut. Gold prices have risen more than 20% so far this year, as expectations for the Fed to soon start a rate cut cycle have strengthened, supporting the recent strength in gold prices. Strong buying from the Central Bank and strong demand in the Over-the-counter Trading market have also driven the pump in gold. (FX678)