Gold Rises on Super-Sized Rate Cut
Gold prices are edging higher after the Federal Reserve kicked off its monetary easing cycle with a 50-basis-point interest-rate cut.
Futures trade 0.3% higher at $2,607.60 a troy ounce. "The FOMC reassured investors that it's ready and willing to pull the trigger on bigger rate adjustments if needed, but Powell's cautious message moderated some of that optimism," Peak Trading Research analysts say in a note to clients. Traders will now keep an eye on initial U.S. jobless claims data due later on Thursday.
Meanwhile, three-month copper trades 1.7% higher at $9,565.50 a metric ton, while aluminum is up 1.3% to $2,556.00 a ton.
Source: Marketwatch