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Gold hit a new historical high the day after the Fed cut interest rates! UBS Group predicts that the gold price will reach $2700 next year.
The day before, the Federal Reserve initiated a monetary easing cycle, cutting interest rates by 50 basis points. This move is seen as bullish for gold, as lower borrowing costs are beneficial for gold, which does not pay any interest.
Gold's Strong Rally Likely to Continue as Interest Rates Are Cut, Says UBS
Can the Record Gold Price Keep Going Higher?
What's wrong? The Fed cut interest rates as scheduled, and the golden industrial concept stocks in Hong Kong fell.
What are the relationships between gold and the Federal Reserve's interest rate cuts? How do institutions view the future trend of gold prices?
Why Gold Has Outperformed Gold Miners
The Fed cut interest rates by 50 basis points, and the short-term volatility of US stocks, US bonds, and gold surged, while the dollar fell, with a reversal in trend after the huge shock.
The Federal Reserve significantly cut interest rates by 50 basis points, causing short-term fluctuations in US stocks, US bonds, and gold, and a decline in the US dollar. Afterward, there was a major shake-up in various asset classes. Powell stated that no one should consider Wednesday's 50 basis point rate cut as a new trend, and the major asset trends clearly reversed. As a result, US stocks fell across the board, gold retreated significantly from its daily high, and the decline in the US dollar narrowed.
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