Gold's Surprising Surge Amidst Stock Market Prosperity

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This chapter examines the surge in gold prices amidst a thriving stock market, focusing on the paradox of gold’s appeal despite its lack of productive use. It highlights critical factors such as declining real interest rates, a weakening dollar, and economic challenges in China that are driving investment towards gold.

Kamala Harris made a bid for national unity at a rapturous Democratic National Convention. Plus, all eyes are on Jackson Hole today, where the Fed will reveal how it will lower US interest rates without triggering a recession. Meanwhile, investors are hedging their bets on these cuts coming soon, sending gold soaring.

Mentioned in this podcast:

Kamala Harris pitches unity message as she makes her case to American voters

Gold goes for it

Gold hits record highs as investors bet on rate cuts

Cooling US jobs market looms over central bankers at Jackson Hole

The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help from Ethan Plotkin, Breen Turner, Sam Giovinco, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Our engineer is Monica Lopez. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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