READ: Gold Hits Highest Ever Price amid Fed Expectations & Comments.
Gold prices climbed to a record high yesterday and today (21st March 2024) as the U.S. dollar and bond yields dropped lower after the Federal Reserve maintained its projection of three rate cuts for the year.
Spot gold was up 1% at €2,022.65 per ounce, as of 07:25 GMT, after hitting an all-time high earlier in the session. U.S. gold futures jumped 2.3%.
Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making gold cheaper for investors holding other currencies.
Although the Fed held interest rates steady on their Wednesday announcement, policymakers indicated they still expected to cut them by three quarters of a percentage point by the end of 2024.
Fed Chair Jerome Powell said recent high inflation rate readings had not changed the underlying story of slowly easing U.S. price pressures.
A dovish Fed, a squeeze on existing shorts, and the momentum of chasing have all boosted bullishness in the gold market.
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Nigel Doolin is Head of Trading at Core Bullion Traders – he can be contacted directly at: nigel@corebulliontraders.ie or Tel: +353 (0)1 447 5975
Disclaimer & Copyright 2024
Although every effort has been made to undertake this work with care and diligence, Core Bullion Traders do not guarantee the accuracy of any forecasts or assumptions. Nothing contained in this presentation constitutes an offer to buy or sell securities or commodities and nor does it constitute advice in relation to the buying or selling of investments. It is published only for informational purposes. Core Bullion Traders does not accept responsibility for any losses or damages arising directly or indirectly from the use of this presentation or data.
