The price of gold is heading towards a historic high, with the market expecting the Federal Reserve to cut interest rates in June

According to reports from Jinshi, the market's hope for the Federal Reserve to cut interest rates for the first time in June is growing. The price of gold reached a historic high on Tuesday. Traders expect that there is over a 50% chance that the Fed will start cutting interest rates in June, which may boost demand for non-yielding gold. As of March 4th, the holdings of SPDR Gold Trust, the world's largest gold exchange-traded fund, have decreased by 10% compared to the previous year. Deutsche Bank stated: "The inflow of funds caused by the 2020 pandemic and two years later by the Russia-Ukraine conflict has all reversed. Given continued selling pressure on ETFs, it is unexpectedly keeping gold prices strong."