Gold pulls back but dovish Fed sets it for best quarter since 2016
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Gold prices eased by 0.2% to $2,653.38 per ounce on September 30, 2024, after hitting a record high of $2,685.42 last week; the price has risen over 14% this quarter, marking the best performance since January 2016; driven by a half-percentage-point rate cut by the Federal Reserve and expectations of another cut in November; Tim Waterer from KCM Trade suggests gold could reach $2,700 if labor market data supports further easing; US ADP employment figures and nonfarm payrolls are due this week; Fed Chair Jerome Powell and Governor Michelle Bowman are expected to speak; geopolitical tensions in the Middle East are influencing gold's appeal; spot silver decreased by 0.4% to $31.49 per ounce; platinum fell 0.1% to $999.35, while palladium rose 0.1% to $1,012.50.
#Gold #FederalReserve #InterestRates #MarketAnalysis #Geopolitics #Silver #Platinum #Palladium #Economy #Investment
https://www.brecorder.com/news/40324709
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