Gold gains over 1% as Fed begins deeper rate-cut cycle
Bullion rose to record high of $2,599.92 on Wednesday
Silver gains more than 3%
Greater gold ETF demand to gather pace in coming months - UBS
Updates as of 1802 GMT
By Anushree Mukherjee
Sept 19 (Reuters) -Gold prices rose over 1% on Thursday as the U.S. Federal Reserve launched its monetary easing cycle with a half percentage point move, boosting bullion to an all-time high and just a few cents shy of the key $2,600 ceiling in the previous session.
Spot gold XAU= rose 1.2% to $2,590.47 per ounce by 2:02 p.m. ET (1802 GMT). U.S. gold futures GCcv1 settled 0.6% higher at $2,614.60.
Spot prices scaled a record high of $2,599.92 on Wednesday after the Fed lowered the benchmark policy rate by 50 basis points to 4.75%-5.00%.
Fed policymakers also 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 market is factoring in bigger and more rate cuts because we have both fiscal and trade deficits, and that's going to further weaken the overall value of the dollar," said Alex Ebkarian, chief operating officer at Allegiance Gold. USD/
"If you combine geopolitical risks with the current deficit that we have, along with the low yielding environment and weaker dollar, the combination of all these is what's leading to gold's rally."
Monetary policy easing by global banks, along with robust central bank buying and geopolitical concerns have fuelled a rally in gold prices to record highs multiple times this year.
Bullion is considered a safe asset during political and economic uncertainty. It also tends to thrive in a low-rate environment.
"This rally could go further, in our view. We target $2,700/oz by mid-2025. Alongside the near-term risk drivers, we anticipate greater gold ETF demand to gather pace in the coming months," UBS said in a note. GOL/ETF
Elsewhere, spot silver XAG= rose 3.5% to $31.11 per ounce.
"We maintain our view that silver is set to benefit from a rising gold price environment," UBS added.
Platinum XPT= rose 2.3% to $990.45 and palladium XPD= gained 2.6% to $1,089.25.
Fed cuts, BoE and Norges Bank hold https://reut.rs/3zBcEAe
Gold's record-shattering rally https://reut.rs/4ghg8bX
Reporting by Anushree Mukherjee in Bengaluru; Additional reporting by Swati Verma; Editing by Janane Venkatraman, Shailesh Kuber and Shounak Dasgupta
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。
