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And let’s own the morning.
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Our top story today is all about gold. It hit a record high as the prospect of not only more rate cuts, but also concerns over the Fed’s independence grow.
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Spot gold climbed over $3.500 an ounce. That’s its highest since Liberation Day back in April.
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In fact, the precious metal has gained more than 30% this year, making it one of the best performing major commodities of 2025.
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Looking at gold futures, and the performance is even better.
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Market sentiment remains heavily influenced by speculation of a Federal Reserve rate cut in September.
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According to the CME Fed Watch tool, there’s currently a 90% probability of a 25 basis point cut.
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Investor sentiment has been further shaken by growing concerns over the Federal Reserve’s independence.
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Trump has repeatedly criticized Fed Chairman Jerome Powell and recently threatened to dismiss Governor Lisa Cook, leading some to question the Central Bank’s autonomy.
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The ongoing pressure has raised concerns about the future direction of US monetary policy. On top of all of this, some central banks have been quietly adding to their gold reserves, signaling growing global interest in the asset as hedge against as a hedge against economic uncertainty.
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And that’s also driven an increased demand for gold-focused exchange traded funds or ETFs. Take a look at the biggest ETF in the space, GLD. It too has up over 30% this year alone.
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Both gold and its cheaper cousin Silver have more than doubled over the past three years. In fact, this year, silver is outperforming gold. It’s up around 40% with prices breaking above $40 an ounce for the first time since 2011.
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Remember that silver has some key industrial uses in clean energy technologies like solar panels.
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One other important factor for gold and silver as well, has been the weak dollar. It’s made gold even more attractive to foreign buyers.
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And with mounting risks in the spheres of geopolitics and the economy, it’s fair to say right now that it’s pretty likely we’ll continue to see an increase in demand for the time-honored haven assets like gold.