The price of gold is soaring to new highs, propelled by the expectation of falling US interest rates in September as inflation cools.

The previous high of $2,450.07 an ounce was set in May. Some analysts predict that bullion will soon touch the $2,500 mark.

Gold has soared nearly 20% this year, supported by ‘large purchases from central banks, strong consumer appetite in China and demand for haven assets amid geopolitical tensions’, Bloomberg reports.

🔗 Bloomberg