Gold rallies on, surpassing $2,600 mark20 Sep 2024 08:20
The price of gold continued to reach record highs on Friday, with the yellow metal exceeding the $2,600 mark.
The upward movement comes amid central banks' decisions on monetary policy. Earlier this week, the United States Federal Reserve decided to lower its interest rates by 0.50 percentage points, seemingly pushing the price of the non-interest-bearing metal up. With the Fed dot plot putting the federal funds rate at 4.4% at the end of 2024, investors are hoping for further policy loosening.
After hitting a new all-time high of $2,607.03, gold advanced 0.74% at 3:03 am ET, going for $2,605.79. A minute later, silver jumped 1.31% to $31.18. At 3:04 am ET, platinum gained 0.33%, going for $991.49, while palladium stood flat, selling at $1,066.83.
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Gold currently $2607.62