Gold Hits Record High as Traders Cheer Fed's Projection of Two 2025 Rate Cuts

Gold hit a record high Thursday as traders apparently cheered the Federal Reserve's projection of two U.S. rate cuts this year, which could weaken the U.S. dollar and help the precious metal.

Comex gold for April delivery rose as much as 0.8% to a $3,065.20 intraday record after the central bank released its latest "dot-plot" rundown of future expectations for the benchmark U.S. Federal Funds Rate.

The dot plots indicated that Fed members expect to either cut the Fed Funds Rate 0.25 percentage points twice or once by 50 ticks by year's end.

The metal has also benefited recently from the global instability caused by President Donald Trump's trade tiffs with Canada, Mexico and other countries. Investors often buy gold as a safe-haven asset in times of uncertainty.