Gold prices finish at record high for 3rd straight session

Gold bars

Gold prices ended in the green today, Sept. 23, driven by market optimism after the Federal Reserve cut interest rates last week, along with increased demand for safe-haven assets amid geopolitical woes.

Bullion for December delivery added 0.25%, or $6.30, to finish at $2,652.50 per ounce, setting a record high for the yellow metal for the third straight session.

This came although the US dollar index, which gauges the greenback's strength against a basket of six currencies, soared 0.10% to 100.81 points at 09:38 pm Makkah time.

Federal Reserve Bank of Chicago President and CEO Austan Goolsbee said, “If conditions continue like these, there are a lot of cuts to come over the next 12 months.”

All eyes are on the release of key US economic data this week, most notably the GDP reading for the third quarter of this year, besides the Fed’s preferred inflation measure, the Personal Consumption Expenditures (PCE) Index.