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Gold Hits Seven-Week High as Fed Rate Cut Weakens Dollar
Gold Hits Seven-Week High as Fed Rate Cut Weakens Dollar
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BTCCSquare news:
Gold prices surged to $4,343.62 per ounce, a NEAR two-month peak, as the Federal Reserve's 25 basis point rate cut to 3.50%-3.75% pressured the dollar. The precious metal extended gains following the central bank's announcement of $40 billion monthly Treasury purchases starting December.
Silver held near record levels at $62.98 while platinum gained 1.8% to $1,781.09. Markets now await delayed nonfarm payrolls and CPI data, with safe-haven demand bolstered by geopolitical tensions after a targeted attack in Sydney's Jewish community.
The Fed's third 2025 rate reduction reflects what Chair Powell called 'a comfortable position' for monetary policy. Gold futures for March rose 1.1% to $4,375.80, continuing their strongest rally since October.
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