Core Viewpoint - International spot gold prices have surpassed $3,800 per ounce for the first time, reaching a historical high of $3,819.81 per ounce, driven by a weaker dollar and expectations of further interest rate cuts by the Federal Reserve [1] Group 1: Gold Market Dynamics - The largest gold-backed exchange-traded fund (ETF), SPDR Gold Trust, reported an increase in holdings from 996.85 tons to 1,005.72 tons, a rise of 0.89% as of September 26 [1] - Gold prices have increased by 45% this year, supported by central bank demand and the Fed's resumption of interest rate cuts, with expectations for gold prices to rise for the third consecutive quarter [1] Group 2: Economic Influences - The weakening of the dollar and the anticipated meeting between Congressional leaders and President Trump regarding government funding are contributing factors to the rise in gold prices [1] - Current market expectations indicate a 90% probability of a rate cut by the Fed in October and a 65% probability in December, which is influencing gold's appeal as a hedge against economic uncertainty [1] Group 3: Institutional Perspectives - Analysts from Barclays Bank suggest that gold prices appear reasonable compared to the dollar and U.S. Treasury bonds, indicating a potential premium associated with the Fed's perceived loss of independence [1] - Major financial institutions, including Goldman Sachs and Deutsche Bank, expect the upward trend in gold prices to continue [1]