Anasayfa Blog Daily News Gold stalls within whisker of record high after Fed signals pause

Gold stalls within whisker of record high after Fed signals pause

by AgaBullion
Gold stalls within whisker of record high after Fed signals pause

Gold took a breather on Thursday after surging to a near all-time high after the U.S. Federal Reserve signalled a pause in its rate tightening cycle, with analysts predicting further gains for the safe-haven asset as economic risks persist.

Spot gold was steady at $2,038.19 per ounce as of 0704 GMT, after earlier jumping to $2,072.19, just shy of a record high of $2,072.49 in 2020, with analysts attributing the slight pullback to profit-taking.

U.S. gold futures rose 0.5% to $2,047.70.

"With the Fed meeting out of the way, focus will remain on any contagion risks from the U.S. banking sector... that'll put a cautious stance in the risk environment, drawing continued safe-haven flows for gold in the event of further fallouts," said Yeap Jun Rong, market analyst at IG.

"With more room for yields to be lower and the dollar to fall, it seems the catalysts are in place for gold prices to deliver a new all-time high eventually."

U.S. gold futures rose 0.5% to $2,047.70.

"With the Fed meeting out of the way, focus will remain on any contagion risks from the U.S. banking sector... that'll put a cautious stance in the risk environment, drawing continued safe-haven flows for gold in the event of further fallouts," said Yeap Jun Rong, market analyst at IG.

"With more room for yields to be lower and the dollar to fall, it seems the catalysts are in place for gold prices to deliver a new all-time high eventually."

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