Gold futures close at a record high ahead of the Federal Reserve interest rate decision

Jinse Finance reported that the price of recent gold futures contracts has once again reached a record closing high, continuing to rise amid market expectations that the Federal Reserve will soon cut interest rates. Gold futures rose 0.2% to $3,688.90 per ounce, marking the third consecutive trading day that recent contracts have set a new historical high. Bank of America stated in a report that economic data indicates the current financial environment is favorable for gold. The bank noted: "Concerns about stagflation—which typically benefit gold—remain a key focus for precious metals market participants." Bank of America also stated that the 2.9% Consumer Price Index (CPI) reading in August likewise supports gold. "Since 2001, when the U.S. CPI has been above 2% and the Federal Reserve has implemented monetary easing, gold prices have never declined."