Gold breaks $2,600 barrier as Fed cut bets prolong historic run

Newsweek via MSN ^ | 9/20/24 | https://www.msn.com/en-us/money/markets/gold-breaks-2-600-barrier-as-fed-cut-bets-prolong-historic-r

[RomanSoldier19]

(Reuters) - Gold soared above the $2,600 level on Friday for the first time, extending a rally boosted by bets for further U.S. interest rate cuts, and rising tensions in the Middle East.

Spot gold was up 1.3% at $2,620.26 per ounce by 11:55 a.m. ET (1555 GMT), while U.S. gold futures rose 1.2% to $2,645.90. Silver gained 1.4% to $31.21.

Bullion's latest rally got a fillip after the Federal Reserve initiated an aggressive easing cycle on Wednesday with a half-percentage-point reduction, adding to the appeal for gold, which pays no interest.

[eastexsteve]

It’s either soaring or it’s horribly overpriced but the buyer will have to make that determination.

My only concern with gold is that the govt will again do what Roosevelt did.

[bantam]

Trumps ace in the hole is that he is going to open up, drilling, exploration, and open transit routes for oil/gas. This instantly causes economic revival. Lowers costs on consumers/businesses a 1000 different ways.
His road, or anyone’s it’s gonna be very tough due to the amount of debt, and deficit that we’re running, but he will look terrific compared to where these idiots have taken this country in the last several years
My 2 cents