<\/p>\n\n\n\n
Gold prices surged to unprecedented levels on Thursday, driven by a decline in the dollar and bond yields following the Federal Reserve’s decision to maintain expectations of three interest rate cuts this year.<\/p>\n\n\n\n
The allure of gold strengthened as low interest rates diminished the opportunity cost of holding non-yielding bullion and exerted downward pressure on the dollar, rendering gold more affordable for buyers in other currencies.<\/p>\n\n\n\n
In early trading, gold rose by 0.8 percent to reach $2,203.84 per ounce, after reaching an all-time high of $2,222.39 earlier in the session. US gold futures mirrored this upward trend, jumping 2.1 percent to $2,206.30.<\/p>\n\n\n\n
Although the US Federal Reserve opted to keep interest rates unchanged on Wednesday, policymakers signaled their anticipation of reducing rates by three-quarters of a percentage point by the close of 2024.<\/p>\n\n\n\n
Fed Chairman Jerome Powell emphasized that recent spikes in inflation rates had not altered the fundamental outlook of a gradual easing of price pressures in the United States.<\/p>\n\n\n\n
Consequently, the dollar dipped to its lowest level in a week against a basket of major currencies.<\/p>\n\n\n\n
Tim Waterer, chief market analyst at KCM Trading, remarked, “With Powell maintaining the possibility of three interest rate cuts this year, bond yields and the US dollar declined, paving the way for an upward trajectory in gold prices.”<\/p>\n\n\n\n
In tandem with gold’s ascent, other precious metals also saw gains. Silver increased by 0.4 percent in spot transactions to $25.70 per ounce, platinum rose by 0.8 percent to $914.25, and palladium surged by 1.2 percent to $1,034.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices surged to unprecedented levels on Thursday, driven by a decline in the dollar and bond yields following the Federal Reserve’s decision to maintain expectations of three interest rate cuts this year. The allure of gold strengthened as low interest rates diminished the opportunity cost of holding non-yielding bullion and exerted downward pressure on …<\/p>\n","protected":false},"author":9,"featured_media":93891,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[7987,6885,9278,6987],"class_list":["post-98922","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-cpi-data","tag-fed","tag-gold-price","tag-inflation"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/98922","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=98922"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/98922\/revisions"}],"predecessor-version":[{"id":99020,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/98922\/revisions\/99020"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/93891"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=98922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=98922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=98922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}