Official announcements from the Federal Reserve and major financial news sources

FOMC's 50 bps Rate Cut Drives Gold to Record High of $2,615, Eyes $3,000

Sep 20, 2024, 06:57 AM

The Federal Open Market Committee (FOMC) has implemented a significant 50 basis points rate cut, leading to a surge in gold prices. Gold has reached new all-time highs, trading just shy of $2,600 per ounce and peaking at $2,615 per ounce. The rate cut has softened the dollar and reduced funding costs, contributing to the rise in gold prices. Market analysts attribute this increase to the Federal Reserve's unexpected rate cut, which has heightened inflation concerns. As of the latest trading, gold is around $2,606 per ounce. Some analysts predict that gold could reach $3,000, which is only 14.7% away from the current level.