GOLD EXCEEDS $2600: THE EFFECT OF THE FED INTEREST RATE CUTTERS CONTINUES‼️
Following the 50 basis point interest rate cut by the US Federal Reserve (Fed), gold prices rose rapidly and broke a new record by exceeding $2600 per ounce. This rise accelerated due to the low interest rates increasing the appeal of gold and the uncertainties in the markets.
It is stated that this move by the Fed directed investors to safe havens such as gold, while central banks and ETFs also increased their demand for gold. Geopolitical tensions and increasing central bank purchases continue to push prices up.
🔥🔥🔥As a result, this increase in gold prices could continue as long as the uncertainties in global markets persist‼️
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References
• BullionVault, 2024. “Gold Jumps $30 to New $2600 Record as the Fed Cuts 50 Basis Points”. Retrieved September 18, 2024, https://www.bullionvault.com/gold-news/gold-price-09182024 .
• Business Matters, 2024. “Gold prices could surge to $2,600 an ounce as US interest rate cut looms”. Retrieved September 18, 2024, https://www.bmmagazine.co.uk/business/gold-prices-surge-us-fed-rate-cut .
• Gold Eagle, 2024. “Super-Sized Fed Rate Cut Could Spark Rally Above $2,600”. Retrieved September 18, 2024, https://www.gold-eagle.com/article/super-sized-fed-rate-cut-could-spark-rally-above-2600 .
