Gold News – 23.Sep.2024
Gold News
Gold reached a record high of $2,630.93, with spot gold up 0.2% at $2,628.25, driven by the Federal Reserve’s interest rate cuts and geopolitical risks in the Middle East.
Gold has increased over 27% this year, aiming for its largest annual rise since 2010.
U.S. gold futures also rose by 0.3% to $2,653.00.
Lower interest rates, geopolitical risks, and the upcoming U.S. election are supporting gold’s rise.
The Fed started its easing cycle, cutting rates by half a percentage point and forecasting more cuts, reducing the opportunity cost of holding gold.
Geopolitical tensions escalated as Hezbollah and Israel exchanged heavy fire.
Traders are awaiting U.S. PCE inflation data and comments from Fed officials later in the week.
Spot silver fell 0.2% to $31.05, platinum dropped 0.4%, and palladium decreased by over 1%.
Author : Arman Shaban
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