Gold prices rose more than 1% on Thursday, helped by a retreat in the U.S. dollar, while the Federal Reserve cut interest rates by a quarter of a percentage point as widely expected.
Spot gold was up 1.2% at $2,691.36 per ounce as of 2:22 p.m. EST (1919 GMT), after dropping to a three-week low on Wednesday. U.S. gold futures settled 1.1% higher at $2,705.80.
At the end of a two-day policy meeting, the U.S. central bank lowered the benchmark overnight interest rate to the 4.50%-4.75% range, with policymakers taking note of a job market that has "generally eased".
The dollar index (.DXY), opens new tab was down 0.6% against its rivals after rising to a four-month high after Republican former President Donald Trump's win in Tuesday's presidential election.
Traders are currently pricing in another 25 basis point cut by the Fed in December, according to LSEG data.
Investors now look forward to comments from Fed Chair Jerome Powell's press conference due at 2:30 p.m. ET for more cues on monetary policy path.
With Trump's impending return to power, "any future rate reductions could well be more difficult to achieve due to concerns that higher prices and stickier inflation force central banks to keep policy restrictive for longer than they would like," independent analyst Michael Hewson wrote in a note.
Elsewhere, spot silver rose 1.8% to $31.71 per ounce, platinum gained 0.6% to $992.65 and palladium shed 1.3% to $1,021.25.
Source: Reuters
Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" ...
Gold prices hit another record high, while silver held near its all-time high. This rise was driven by two major factors: the escalating Greenland crisis and turmoil in the Japanese government debt ma...
Gold prices remained near all-time highs on Tuesday, hovering around $4,670 per ounce. Demand for safe haven assets remained strong as US-European trade tensions escalated, prompting investors to refr...
Gold and silver hit new records after US President Donald Trump threatened to impose tariffs on eight European countries that oppose his Greenland plan. This situation immediately pushed investors int...
Gold price rises on Friday, poised to end with weekly gains of nearly 4% as an employment report in the US was mixed, with the economy adding fewer jobs than projected. Still, the Unemployment Rate ti...
Gold prices briefly caused a stir after hitting a new record, but then slowed. The main trigger: US President Donald Trump withheld the threat of tariffs on Europe and claimed there was a "framework" for a future agreement on Greenland. This calmer...
Oil prices were little changed in Asian trading on Thursday after US President Donald Trump backed down from a threat to impose tariffs on European countries over Greenland. This decision helped ease geopolitical tensions and improve market...
The Nikkei 225 Index climbed 1.73% to close at 53,689, while the broader Topix Index rose 0.74% to 3,616 on Thursday, snapping a five-day losing streak as Japanese shares were lifted by a strong rally in chip and artificial intelligence related...