Gold prices rise after bumper Fed rate cut; copper upbeat on China stimulus
Investing.com-- Gold prices rose in Asian trade on Friday as the dollar fell following an outsized interest rate cut by the Federal Reserve, with markets cheering the prospect of further reductions in rates.
Gold had initially logged a negative reaction to the rate cut on Wednesday, given that Fed Chair Jerome Powell also provided a less dovish outlook for long-term rates. While Fed Chair Jerome Powell did signal that neutral rates will be higher than those seen in the past, traders welcomed the prospect of sharp decreases in rates in the near term.The Fed’s outsized cut also spurred some concerns over slowing U.S. economic growth, keeping safe haven demand for gold in play.
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