Gold traded just below $2,700 per ounce on Friday, following the Federal Reserve’s announcement of a quarter-point rate cut at the conclusion of its two-day policy meeting.
Gold remains unmoved at $2,700 per ounce
The Fed reduced its target range for the federal funds rate to 4.50%-4.75%, marking the second cut this year, as policymakers highlighted signs of easing in the labor market. While inflation has moved closer to the Fed’s 2% target, it remains slightly elevated. In his press conference, Fed Chair Jerome Powell refrained from offering specific guidance on future rate adjustments, emphasizing the central bank’s flexibility to respond to incoming economic data.
Powell's comment
Powell also stated that the outcome of Tuesday’s presidential election, which introduced policies such as broad tariffs, tax cuts, and potential large-scale deportations, would not significantly influence the Fed's near-term policy stance.
