Analyst: Spot gold may reach $4,500 ahead of schedule

According to Golden Ten Data, KCM Trade Chief Market Analyst Tim Waterley stated that the target price of spot gold at $4,500 may arrive sooner than expected, which largely depends on the duration of concerns over trade tensions and government shutdowns. Meanwhile, Federal Reserve Governor Waller expressed support for another rate cut, and investors expect the Fed to cut rates by 25 basis points at the October meeting and again in December. Waterley believes that the intensifying concerns over credit at U.S. regional banks provide traders with a reason to buy gold. So far this year, the price of gold has risen by more than 65%.