Gold Hits Record High Above $3,500 Amid Rate Cut Expectations

Gold's Record Surge

• 🥇 Gold has surged to an all-time high, surpassing $3,500 per ounce, marking a significant jump of over 30% this year.
• 📈 This rally is primarily driven by expectations that the US central bank will resume interest rate cuts this month.
• 📊 A key US jobs report is anticipated to reinforce signs of a subdued labor market, further supporting the case for rate cuts.

US Stock Market Outlook

• 🎯 The S&P 500 year-end forecast from Evercore ISI is set at 7,750, the highest on Wall Street, implying a 20% gain driven by AI excitement.
• ⚠️ Hedge funds are reportedly hesitant to buy US stocks, as September is historically the weakest month for US equities.

Housing Market and Political Developments

• 🏠 The Trump administration is considering declaring a national housing emergency this autumn, with housing affordability a key focus for the 2026 Republican midterm election platform.
• 📉 The summer housing market has been sluggish due to high mortgage rates deterring buyers.
• 🇫🇷 France's far-right National Rally is preparing for fresh elections amidst potential government collapse, with a no-confidence vote scheduled.

Corporate News

• 📉 Nestle's CEO has been dismissed after an investigation into an undisclosed romantic relationship with a subordinate.
• 🎢 This abrupt change continues a period of turbulence for Nestle, whose stock has fallen over 17% in the past year.