Gold prices surged to new heights as investor expectations of a September rate cut by the Federal Reserve increased. Spot gold climbed close to its all-time peak, exceeding $3,500 per ounce. Meanwhile, silver broke past the $40 mark, last seen in 2011. Investors are flocking towards precious metals due to both fundamental and technical factors: a softer U.S. labor market strengthens the case for easier monetary policy, while traders ponder whether the Fed might implement a larger 50-basis-point cut. In addition, political pressure on the Fed and uncertainty surrounding U.S. tariffs contributed to gold’s attractiveness compared to yield-bearing assets. 2023 is shaping up as a year of significant monetary policy shifts with major central banks poised for action.