Gold prices were steady on Thursday, hovering close to record highs, on expectations of another big U.S. rate cut this year, although gains were limited ahead of remarks by key Federal Reserve policymakers later in the day.
Gold prices were steady on Thursday, hovering close to record highs, on expectations of another big U.S. rate cut this year, although gains were limited ahead of remarks by key Federal Reserve policymakers later in the day.
Bullion has risen nearly 29% so far in 2024 and hit record highs several times this year, largely fueled by monetary policy easing by major global banks and geopolitical concerns.
Last Wednesday, the Fed delivered a 50-basis-point rate cut, with traders seeing a 62% chance of an additional half-percentage-point reduction in November, according to the CME FedWatch Tool.
Additionally, U.S. jobless claims data on Thursday and the core personal consumption expenditure index — the Fed's preferred inflation — on Friday, will be eyed for further rate cues.
Persons:
Tim Waterer, Bullion, Jerome Powell, John Williams, Michael Barr, Nicholas Frappell
Organizations:
U.S ., KCM, Fed, New York Fed, ABC Refinery
Locations:
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