Gold News: Price Breakout to Record High as Banks Target $6000 Ahead of Fed Decision

Group 1 - The precious metal rally is supported by expectations of Fed rate cuts and increased central bank purchases amid a global de-dollarization trend [1] - The dollar's significant drop since January 19 has been a major driving force behind the gold rally [1] - President Trump's comments have intensified concerns about the dollar's value, contributing to its decline and gold's rise [2] Group 2 - Traders are looking for insights from Fed Chair Powell regarding the timing of potential rate cuts, with most analysts expecting a cautious approach [3] - Investors are pricing in at least two rate cuts this year, justifying an 18% gain in gold so far in 2026 [4] - Major banks like Deutsche Bank and Societe Generale have raised their gold price targets to $6,000 by the end of 2026 due to bullish fundamental factors [5]