Gold rises in the early Asian session amid prospects of further Fed rate cuts that would bolster the appeal of the non-interest-bearing precious metal.
The Fed approved a 25bps rate reduction on Wednesday, with a narrow majority of officials penciling in at least two more cuts this year. "Investors cheered the beginning of the rate cut cycle," ANZ Research analysts say in a research report.
However, gold price's gains have been curbed by Fed Chair Powell's remarks that were perceived as less dovish than the market had been expecting, the analysts add. Spot gold is 0.3% higher at $3,668.57/oz.
Source: Dow Jones Newswires
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