[News] FED Rate Cut Drives Gold Prices to a New All-Time High

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The Fed announced a 50-basis-point rate cut last week, sparking expectations of further rate reductions and driving gold prices to new highs. On the 23rd, gold prices surged to an all-time high.

On September 23, gold futures on the COMEX, the world’s largest gold futures exchange, soared to a record high of $2,653 per ounce. This marks a roughly 30% increase in gold prices compared to the start of the year, with prices setting new records throughout the year.

Following the Fed’s announcement of a 50-basis-point cut in the benchmark interest rate last week, both spot and futures gold prices, which were already on an upward trend, reached new historic highs. In addition, rising geopolitical tensions in the Middle East have further fueled gold’s rally.

The decline in interest rates is likely to support continued increases in gold prices, and market expectations that the Fed will maintain its rate-cutting pace suggest that gold prices may continue to grow in the near future.