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Gold prices surged to record levels in Asian trade on Thursday, supported by a weaker dollar and expectations of at least two Federal Reserve rate cuts in 2025.
Key Factors Driving Gold Prices:
- Weaker Dollar & Treasury Yields:
- The Federal Reserve left interest rates unchanged but signaled a 50-basis-point rate cut by the end of 2025.
- A dovish Fed stance pressured the dollar and yields, boosting gold’s appeal.
- Safe-Haven Demand:
- Geopolitical tensions, including the Israel-Hamas conflict and Russia-Ukraine uncertainty, fueled demand for gold.
- Concerns over the U.S. economic outlook under Trump’s policies further supported safe-haven buying.
- Gold Price Movement:
- Spot gold hit a record high of $2,057.36 per ounce.
- Gold futures (April contracts) peaked at $3,065.09 per ounce.
Broader Precious Metals Market:
- Platinum futures: ↑ 0.1% to $1,010.20 per ounce.
- Silver futures: ↑ 0.6% to $34.413 per ounce.
Copper Prices Hit 2025 Highs on China Optimism, Tariff Concerns
- Benchmark copper futures (LME) hit a five-month high of $10,049.40 per ton.
- May copper futures reached a 10-month peak of $5.1443 per pound.
- Trump’s tariff threats on U.S. copper imports could squeeze supply and drive prices higher.
- China’s fiscal stimulus plans also boosted industrial metal prices.
With Fed rate cuts on the horizon, ongoing geopolitical tensions, and trade uncertainties, gold and other metals are expected to remain strong in the near term.
