# Gold extends record rally on Fed rate-cut bets, softer dollar

> Gold extended its record rally on July 17 as growing expectations of a September Fed rate cut and a weaker dollar lifted demand. Traders saw about a 98% chance of a September cut, and spot gold hit a record of about $2,455 before easing.

- Date: 2024-08-01 · published 2024-08-01T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/29144-gold-extends-record-rally-on-fed-rate-cut-bets-softer-dollar
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

The dollar weakness tied to rate-cut bets is a macro tailwind for dollar-denominated commodities, though the link to feed prices is indirect.

## Read by commodity

- DXY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2019-06-20 | [Dollar extends losses on Fed rate cut bets](https://feedsoft.ai/events/7441-dollar-extends-losses-on-fed-rate-cut-bets.md) | -1.1% | -0.8% |
| DXY | 2024-08-16 | [Gold rallies to record high on softer dollar, rate-cut expectations \| Reuters](https://feedsoft.ai/events/28697-gold-rallies-to-record-high-on-softer-dollar-rate-cut-expectations-reuters.md) | -0.2% | -0.8% |
| DXY | 2024-11-07 | [Gold holds firm after US Fed rate cut, softer dollar](https://feedsoft.ai/events/27332-gold-holds-firm-after-us-fed-rate-cut-softer-dollar.md) | +1.0% | +0.8% |
| DXY | 2023-12-01 | [Gold hits record high on bets for March start to Fed rate cuts](https://feedsoft.ai/events/32473-gold-hits-record-high-on-bets-for-march-start-to-fed-rate-cuts.md) | +0.3% | -1.5% |
| DXY | 2025-11-28 | [Dollar Finishes Lower and Gold Rallies on Fed Rate Cut Expectations](https://feedsoft.ai/events/21879-dollar-finishes-lower-and-gold-rallies-on-fed-rate-cut-expectations.md) | -0.5% | -1.5% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/gold-soars-record-peak-us-rate-cut-bets-burnish-appeal-2024-07-17/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.