As the stock market has taken a dip, gold remains untouched.

Yahoo News has reported that gold prices soared to an all-time high on Friday.

As of Friday morning, spot gold was up 1.5% to $2,493.66 per ounce.

The surge in the gold price comes as the U.S. dollar has weakened in recent months.

#GOLD hitting all time highs and clearly on it's way toward $2700-$3000 plus (blue box target shown) yet price share price #THX remains languishing in comparison.

Have done a comparison of both prices on other chart, surely market has to take notice soon enough… pic.twitter.com/HjGqbTYfbt

— TheSaint (@TheSaintCharts) August 16, 2024

The #GOLD price hits the historic maximum!#War always impacts gold prices. As of this moment, the price is $2507 per ounce.
Experts predict $3000 per ounce in the foreseeable future. pic.twitter.com/nc2QmqqSxs

— Vach_says (@VachSays) August 14, 2024

Per Yahoo News:

Gold prices soared to an all-time high on Friday as the dollar weakened on growing expectations for an interest-rate cut from the Federal Reserve in September, and as tensions in the Middle East bolstered demand for bullion.

Spot gold was up 1.5% to $2,493.66 per ounce by 12:19 p.m. EDT (1619 GMT), after hitting a record high of $2,500.99 earlier. U.S. gold futures rose 1.6% to $2,532.10. Bullion has risen 2.6% this week.

The dollar index fell 0.3% and was on track for a fourth week of losses, making gold more appealing for buyers overseas. [USD/] [US/]

“Gold surged to a fresh all-time high and breached $2,500 after two weeks of extremely choppy trading as bulls finally impose their will,” Tai Wong, a New York-based independent metals trader, said.

“Attention will now shift to focus on Jackson Hole and Fed Chair Powell’s speech a week from today to provide a more detailed outlook on the shape of the upcoming rate cuts.”

GOLD BREAKS NEW RECORD PRICE AT $2,492/OZ pic.twitter.com/QcpZfUPsOJ

— Radar🚨 (@RadarHits) August 16, 2024

Per FX Street:

“The US inflation rate slipped below the 3% mark in July. However, the core rate excluding energy and food was still slightly higher at 3.2%. Although this is sufficient for the Fed to cut interest rates for the first time in September, it is hardly enough for a rate cut of 50 basis points. The Fed Fund Futures are now pricing in slightly less than 100 basis points of rate cuts by the end of the year, but this is still sizeable. We therefore expect the all-time high to be reached and exceeded in the not-too-distant future.”

“Due to the clear signs of significant interest rate cuts by the Fed, we have raised our forecast for the gold price at the end of the year to $2,500 per troy ounce (previously $2,300). The three interest rate cuts we expect by the end of the year are likely to be followed by three more in the first half of 2025. This is a total of two interest rate cuts more than we had previously expected.”

“Accordingly, we expect the gold price to rise further to $2,600 by the middle of next year. At the end of 2025, the gold price is likely to fall to $2,550 (previously $2,200) in view of the renewed rise in inflation and the associated speculation of interest rate hikes in the following year.”