19-09-2024 09:21 AM | Source: Geojit Financial Services Ltd
However, the surprise rate cut suggests the US Fed is seriously taking the threat of a slowdown to the US economy could boost the safe haven demand for gold and silver in the immediate run."
Quote on impact of US Fed rate cut on Gold & Silver prices by Hareesh V, Head of Commodities, Geojit Financial Services
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Below the Quote on impact of US Fed rate cut on Gold & Silver prices by Hareesh V, Head of Commodities, Geojit Financial Services
"The US central bank surprisingly cut its benchmark interest rates by 50 bps and hinted more cuts are likely before the end of the year. The Fed chair also noted that the central bank’s goal is to keep inflation stable without any adverse effects on the job market.
After the rate cut decision, the US dollar turned higher putting pressure on gold like safe commodities. Earlier, there were expectations that lowering rates would cause a decline in the value of US currency and potentially lift the price of gold and silver. Gold in the key London market is trading down by 0.33 percent at $2566 an ounce while silver is down by 0.15 percent at $30.35 an ounce at 08.15am today.
However, the surprise rate cut suggests the US Fed is seriously taking the threat of a slowdown to the US economy could boost the safe haven demand for gold and silver in the immediate run."
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