The Financial Post reports in its Tuesday, Aug. 27, edition that the price of gold has recently reached a record high, exceeding $2,500 an ounce, and is expected to continue rising. A Bloomberg dispatch to the Post reports that the Federal Reserve's plan to cut interest rates, along with traditional factors such as lower yields and increased investment by Western investors, is contributing to gold's upward trajectory. Gold has performed exceptionally well due to strong central bank buying and increased purchases from Asia, despite the impact of a rising U.S. dollar, higher Treasury yields and decreased investments in gold-backed exchange traded funds. GAMA Asset Management manager Rajeev De Mello pointed out that the opportunity cost of holding gold is decreasing due to the decline in real yields and the weakening of the dollar. So far in 2024, spot gold has rallied by more than a fifth, with banks including Goldman Sachs Group saying as far back as April that prices had the scope to hit $2,700 an ounce. After Fed Chairman Jerome Powell's road map at the Jackson Hole symposium on Friday, U.S. 10-year real yields have retreated to the lowest since December. That benefits gold as it does not pay interest.