Expectations of interest rate cuts and strong demand drive gold prices to continue soaring, with gold standing above the $3780 mark.

[Expectations of Interest Rate Cuts and Strong Demand Drive Gold Prices to Soar, Gold Surpasses $3780] On Tuesday, gold prices climbed to a new high of $3780 per ounce as market expectations for further rate cuts by the Fed increased. Investors are awaiting a speech from Fed Chairman Powell later tonight for more policy signals. Gold futures for December delivery surpassed $3800. Newly appointed Fed Governor Milan called for significant interest rate cuts on Monday. Independent analyst Ross Norman stated, "Milan's dovish stance undoubtedly reinforces expectations for larger rate cuts, and it seems the U.S. government is intent on pushing this process, which is favourable information for gold." Norman added, "Gold is currently experiencing strong demand from institutional investors, who may be shifting funds out of the stock market, which has likely peaked, and demand from India is also very strong." The premium for physical gold in India rose to a 10-month high this week, despite record prices and the upcoming holiday season, investors remain active in buying gold, betting on further upside potential. Norman also mentioned that in the short term, gold price movements depend on whether Indian demand can be sustained and whether the increase in ETF holdings remains solid. The world's largest gold ETF - SPDR Gold Trust saw its open interest return to 1000 tons on Monday. ( Jin10 )