Gold Holds Just Below Record as Traders Wait for Rate-Path Clues
Bullion was trading around $20 an ounce short of a record high set last week, after the Fed reduced rates by 25 basis points on Wednesday. Prices then retreated from the all-time high after Chair Jerome Powell indicated officials would take a “meeting-by-meeting” approach to future decisions, curbing expectations for rapid easing. The Fed’s preferred measure of underlying inflation likely grew at a slower pace last month, which would boost the argument for rate cuts.
Bullion was trading around $20 an ounce short of a record high set last week, after the Fed reduced rates by 25 basis points on Wednesday. Prices then retreated from the all-time high after Chair Jerome Powell indicated officials would take a “meeting-by-meeting” approach to future decisions, curbing expectations for rapid easing. The Fed’s preferred measure of underlying inflation likely grew at a slower pace last month, which would boost the argument for rate cuts.
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