Gold jumps to record high before swinging to loss after Fed's jumbo rate cut

seekingalpha09-19

Gold futures climbed to a record high before falling back in electronic trading Wednesday after the Federal Reserve cut its key rate by 50 basis points, citing confidence that inflation will continue ...

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Gold on the most-traded December contract initially climbed 0.7% to ~$2,610/oz following the Fed's announcement, but has since swung into negative territory, down 0.3% to $2,583/oz., as Fed Chair Jerome Powell said in his press conference following the rate cut announcement that no one should see the move as a \"new pace.\" The Fed kicked off what is now expected to be a steady easing of monetary policy, which is seen benefitting gold because lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making gold cheaper for investors holding other currencies. Gold has been viewed as having room to rise into record territory in upcoming sessions, as \"talk around the gold space is that a 25 bps cut is already priced into the shiny metal, with the market needing a big 50 bps cut to supersize the upside and trade into new record territory,\" Mizuho's Robert Yawger wrote before the decision. Before the Fed decision was released, front-month Comex gold (XAUUSD:CUR) for September delivery ended +0.3% to $2,570.70/oz, its third highest settlement value this year, while front-month September silver (XAGUSD:CUR) closed -0.9% to $30.341/oz. ETFs: (NYSEARCA:GLD), (NYSEARCA:GDX), (GDXJ), (IAU), (NUGT), (PHYS), (GLDM), (AAAU), (SGOL), (BAR), (OUNZ), (SLV), (PSLV), (SIVR), (SIL), (SILJ) With the start of the rate-cutting cycle, \"interest rates are coming down, dollar strength will start to wane,\" Will Rhind, founder of investment firm GraniteShares Advisors, told Bloomberg. \"The next kick up for gold will be if there's a sense that we're heading into recession, and the fear factor comes out and people need to start buying gold as a hedge,\" Rhind said.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2468422552"}