Gold pushes to new record, silver pops 2.5%, with Fed rate cut seen as bullish

seekingalpha09-20

Gold futures climbed to a fresh record high Thursday a day after the Federal Reserve launched its monetary easing cycle with a 50 basis points interest rate cut, which is seen as bullish for gold ...

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Gold remains a safe haven for money made even more attractive as interest rates drop, Samer Hasn of XS.com said, and \"the return of geopolitical tensions to the forefront could also keep gold's shine or even push it to more historic peaks quickly.\" \"If you combine geopolitical risks with the current deficit that we have, along with the low yielding environment and weaker dollar, the combination of all these is what's leading to gold's rally,\" according to Allegiance Gold's Alex Ebkarian, adding that silver should benefit from a rising gold price environment. Analysts at UBS set a $2,700/oz target for gold by mid-2025 while also anticipating gold ETF demand to pick up the pace in the coming months. Front-month Comex gold (XAUUSD:CUR) for September delivery closed +0.6% to $2,588.00/oz, a new all-time high settlement, while front-month September silver (XAGUSD:CUR) finished +2.5% to $31.094/oz, still off 3.4% from its settlement high of $32.205 hit May 20. ETFs: (NYSEARCA:GLD), (NYSEARCA:GDX), (GDXJ), (IAU), (NUGT), (PHYS), (GLDM), (AAAU), (SGOL), (BAR), (OUNZ), (SLV), (PSLV), (SIVR), (SIL), (SILJ) After a Fed rate cut, \"there has only been one time, 1998, when gold has trended significantly lower after a rate cut throughout the next year, and even then, close to the one-year mark, it surged as the dot.com crash started,\" according to the Daily Chartbook at Bespoke.","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/2468639667"}