Gold futures surged to a record $3,600, driven by expectations of a Fed rate cut and strong central bank demand. Gold for immediate delivery hit an all-time high of $3,533. Central banks hold more gold than US Treasurys for the first time since 1996. Investors anticipate a rate cut with a 90% probability. Gold prices up 36% year to date, outperforming S&P 500 and bitcoin. Gold gained 3.5% in August, extending its winning streak. Analysts predict further increase, with UBS forecasting $3,700 and Goldman Sachs $4,000. Global demand driving unprecedented gold streak. Wall Street bullish on gold, with UBS predicting $3,700 by June 2026 and Goldman Sachs forecasting $4,000 by mid-2026. Senior business reporter Ines Ferre covers the latest in-depth analysis of stock market news. Stay updated with the latest financial and business news from Yahoo Finance.

Read more at Yahoo Finance: Gold hits record as central bank holdings top US Treasurys for first time since 1996