Bybit x FXStreet TradFi Report: Gold and silver see momentum as the market expects a weakening dollar

Key Highlights: • Gold hits new record high of $3,508 amid Fed rate-cut speculation • Silver is up 40% year-to-date (YTD), but still far below its $50 all-time high (ATH) from 2011 • Gold/silver ratio shows significant upside potential for silver • September 17 rate cut could mark the start of a new dovish cycle • RSI and MACD suggest room for more upside in both metals

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Macro drivers: Gold leads the way as rate cuts loom

Gold reached a new record high of $3,508 per ounce early Tuesday, September 2. The previous record high of $3,500 was achieved on April 22. That surge followed Trump’s new global tariffs, which generated massive market uncertainty.

This time, it seems gold’s uptrend is more closely tied to expectations of a potential interest rate cut on September 17. If the Federal Reserve decides to lower rates from 4.5% to 4.25%, it would mark the first rate cut of the year. The previous cut was in December, and traders are now hoping for additional cuts in November and December as well.