Gold Holds Firm Near Highs as Investors Eye Fed Cuts, Ghana’s NewGold ETF Joins the Rally

Gold prices are holding steady just below record highs, with the metal trading around $3,410 per ounce on Friday. After notching its best monthly performance since April, gold is now on track for a second consecutive weekly gain, buoyed by safe-haven demand, a weaker dollar, and growing confidence that the US Federal Reserve will begin cutting interest rates as early as September. 

At the last check by The High Street Journal around 12 noon GMT, spot prices traded between a day low of $3,404.47 and a day high of $3,418.01, settling near $3,414.78 on average, reflecting a tight but resilient trading band.

Globally, the rally has been powered by a cocktail of uncertainty and policy shifts. Political pressure on the Fed has intensified, raising expectations that rate cuts could come sooner than previously thought. Fed Governor Christopher Waller added fuel to that view this week, saying he “fully expects” reductions to start next month. 

Markets have largely priced in a 25 basis-point cut, while keeping one eye on upcoming US inflation and spending data. Revised GDP figures showing the US economy grew slightly faster in Q2 have complicated the picture, stoking concerns that inflation could remain sticky. For investors, the ambiguity has only reinforced the appeal of gold as a hedge.

At the same time, the US dollar’s softness has kept momentum alive. A weaker greenback makes gold cheaper for non-dollar buyers, broadening demand globally. Coupled with lingering geopolitical uncertainties and cautious risk sentiment, the yellow metal has remained a safe port in a storm, pushing prices close to the all-time high of $3,500 set in April.

In Ghana, the global surge is being mirrored on the stock exchange through the NewGold ETF (GLD), which tracks the spot price of gold. After a sluggish start to the week, the ETF staged a sharp rebound, climbing from ₵378.53 on August 26 to ₵395.47 by August 28, a 4.5% gain in just two trading days. 

Volumes surged alongside the price, signaling renewed investor interest in the instrument as a proxy for global gold momentum. For Ghanaian investors, the ETF continues to provide an accessible gateway to hedge against inflation, currency risk, and uncertainty, without holding physical bullion.

Looking ahead, the outlook remains cautiously optimistic. If the Fed delivers on rate cuts in September, gold could extend its run and potentially retest its April peak. But risks remain: hotter-than-expected US consumption and inflation data could slow the easing cycle and temper the rally. 

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