Fed's bumper rate cut fuels non-yielding gold's rally
Bullion rose to record high of $2,599.92 on Wednesday
Silver gains over 3%
Silver market to remain in deficit over coming years - UBS
Platinum, palladium up 2%
Updates prices as of 1105 GMT
By Ashitha Shivaprasad
Sept 19 (Reuters) -Gold prices climbed over 1% on Thursday after hitting a record high in the previous session, as the U.S. Federal Reserve embarked on its rate easing cycle.
Spot gold XAU= rose 1.1% to $2,586.37 per ounce by 1105 GMT, while U.S. gold futures GCcv1 rose 0.5% to $2,611.50. Spot gold had scaled an all-time high of $2,599.92 on Wednesday.
The Fed kicked off an anticipated series of interest rate cuts with a larger-than-usual half-percentage-point reduction, in a move meant to show policymakers' commitment to sustaining a low unemployment rate now that inflation has eased.
In addition, Fed policymakers projected the benchmark interest rate would fall by another half of a percentage point by the end of this year, a full percentage point next year, and half of a percentage point in 2026.
"The prospect of further rate cuts makes gold attractive and new record prices cannot be ruled out," said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany.
Lower interest rates reduce the opportunity cost of holding bullion, which yields no interest.
The $2,600 mark proved too high a hurdle for now given how far and fast gold prices rose in anticipation of the Fed's September cut, said Adrian Ash, director of research at Bullionvault.
"There's lots of room for gold’s bull market to keep running as the real returns to cash fall into the election and then into new year 2025."
Spot silver XAG= rose 3.5% to $31.12 per ounce after hitting its highest level since July in the previous session.
"We maintain our view that silver is set to benefit from a rising gold price environment," UBS said in a note.
"Our expectation that the silver market will remain in deficit over the coming years implies continuous declines in above-ground inventories, which should help fundamentally underpin prices as well as act as a tailwind for investor interest."
Platinum XPT= added about 2% to $987.71 and palladium XPD= gained 2.1% to $1,084.
Reporting by Ashitha Shivaprasad and Rahul Paswan in Bengaluru; Editing by Conor Humphries and Varun H K
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
