Gold News – 20.Sep.2024

Gold News

Gold traded at a new all-time high of around $2,606 per ounce on Friday, as markets continued to assess monetary policy decisions from major central banks while rising geopolitical risks supported demand for safe-haven assets.

The Fed made its first interest rate cut since 2020, reducing the rate by 50 basis points, with another half-point cut expected by year-end, boosting gold’s appeal by lowering the opportunity cost of holding non-yielding assets.

The PBoC unexpectedly kept its benchmark lending rates unchanged.

The BoE maintained its bank rate at 5%.

The BoJ is expected to hold its policy rate steady after July’s surprise hike.

Escalating tensions in the Middle East, with Israel moving toward the Lebanon border, have fueled concerns of a broader conflict, further strengthening gold’s safe-haven status.

Author : Arman Shaban
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