Gold price surpasses $3,700 per ounce for the first time in U.S. trading

The December contract (GCZ5) rose to $3,715 per ounce before retreating and closing at $3,682.6. Trading volume surpassed 55,000 contracts.

Analysts attribute the morning rally to expectations of a Federal Reserve interest rate cut in the United States. An additional factor was the weakening of the dollar in the first half of the session.

However, in the second half of the trading day, the dollar index recovered, putting pressure on gold prices and prompting investors to lock in profits.

Crossing the psychologically important $3,700 threshold is a significant event for the global market and may signal further shifts in the dynamics of precious metal prices.

Earlier, it was reported that Kazakhstan plans to invest up to $1 billion from its National Fund into high-tech economic sectors.