Early on Thursday, gold prices have soared past $1,500 over increasing worries of rate cuts by leading central banks amid a global economic slowdown. At the time of writing, GOLD is trading at a little above $1,500.

The fallout of the ongoing trade war between US and China continues to weigh on global financial markets, continuing to keep the safe haven gold in demand. The precious metal had climbed over 2% higher on Wednesday to cross the key level.

In a speech yesterday, the Chicago Fed President Evans hinted at the possibility of further rate cuts by the Federal Reserve in light of rising risks to economic growth and weak inflation. Markets are now anticipating a rate cut by the Fed in September after his comments.

Evans’ speech has caused the dollar to weaken, and as gold shares a negative correlation with the dollar, this move has lent further support for gold prices to climb higher.