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April 18, 2024
PI Global Investments

Gold hits record as silver surges on outlook for Fed rate cuts | Stockwatch

Gold held near a fresh record and silver hit a two-year high as two Federal Reserve officials said they still expect the US central bank to cut rates three times in 2024, buoying the outlook for the precious metals.

Bullion rose to a fresh peak above $2,288 an ounce before trading little changed, while silver topped $26 an ounce. San Francisco Fed President Mary Daly and Cleveland counterpart Loretta Mester — both of whom vote on policy decisions this year — said three reductions were likely over 2024, although there’s no urgency. Lower rates benefit the non-yielding metals.

Source: Bloomberg

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