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Gold (GC=F) prices are soaring to record highs as investors turn to the precious metal as a safe haven in anticipation of a Federal Reserve interest rate cut in September. Gold currently sits above $2,500 per ounce, meaning a single bar of gold (400 ounces on average) costs $1 million.

Yahoo Finance senior markets reporter Ines Ferré breaks down the details and discusses the factors driving this price surge and inflows into gold ETFs.

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This post was written by Angel Smith