Gold prices reached a new record of $2,200 an ounce due to the Federal Reserve's plan for three rate cuts this year.
Gold prices hit a new record of $2,200 an ounce as the Federal Reserve maintained its plan for three rate cuts this year, signaling easing "at some point this year". The Fed's decision decreases the opportunity cost of holding non-yielding gold and diminishes the value of the US dollar, making gold more affordable for investors. Gold futures rose 2.1% to $2,206.30, and spot gold increased by 0.8% to $2,203.84 per ounce.
March 20, 2024
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