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Gold holds firm after US Fed rate cut, softer dollar
Friday, 8 November 2024 02:55 WIB | GOLD |GOLDEMAS

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

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