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As on : 18-Sep-2024
Other Markets - Bullion Markets
18-Sep-2024     14:06

Gold steady with focus on Fed's first rate cut since 2020

Gold prices hovered near record highs at $2600 per ounce on Wednesday, supported by a weaker dollar ahead of the Federal Reserve's much-anticipated interest rate decision. With the Fed set to announce its first rate cut since 2020, investors are leaning towards a 50-basis-point reduction. The Fed is anticipated to lower the Fed funds rate, which currently stands at a 23-year high of 5.25%-5.50%, at the September meeting, today. This would be the first rate cut since March 2020. Meanwhile, gold faced slight pressure on Tuesday after US retail sales unexpectedly rose 0.1% in August, countering predictions of a 0.2% decline. Looking ahead, the Bank of England is expected to hold rates steady on Thursday, and the Bank of Japan is likely to signal future rate hikes.

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