The Fed rate cut could have a big impact on gold prices this week, but that impact may not be what you'd expect.
Gold has been a focal point in financial markets this year, due in large part to an impressive upward trend that has marked 2024 as a historic year for the precious metal. On January 1, the price of gold was sitting at $2,063.73 per ounce. Today, the price of gold is sitting at $2,749.92 per ounce — just a few dollars below its recent record high. This represents an increase of over $685 per ounce in less than a year — and includes numerous new price records for the precious metal.
And while the Fed's upcoming rate adjustments might not immediately drive gold prices higher, many analysts remain optimistic about further price increases. For example, many experts predict that gold will hit the $3,000 per ounce mark before year's end.Several key forces are behind these optimistic projections, including strong central bank demand.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Substantial majority' of Fed members backed jumbo rate cut in Sept: Fed minutes'Substantial majority' of Fed members backed jumbo rate cut in Sept: Fed minutes
Read more »
Fed's Daly: One or two more Fed rate cuts likely this yearFederal Reserve Bank of San Francisco President Mary Daly said on Wednesday that she 'fully' supported the Fed's half of a percentage-point interest-rate cut last month.
Read more »
How inflation largely came back to normal, according to expertsPrice increases are hovering right near the Fed's target rate of 2%.
Read more »
Bitcoin price today: steady at $72k with Fed cues, elections in focusBitcoin price today: steady at $72k with Fed cues, elections in focus
Read more »
Gold price bulls not ready to give up despite bets for smaller Fed rate cutsGold price (XAU/USD) witnessed an intraday pullback from over a one-week high touched on Monday and finally settled in the red, snapping a two-day winning streak amid broad-based US Dollar (USD) strength.
Read more »
Gold price drops for sixth straight day as Fed Minutes hint at 25 bps cutGold extended its losses for the sixth consecutive day after the Federal Reserve (Fed) revealed its September Meeting Minutes.
Read more »