{"id":5226,"date":"2024-03-20T22:02:01","date_gmt":"2024-03-20T22:02:01","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/03\/20\/gold-advances-on-renewed-rate-cut-bets-after-fed-verdict-times-of-india\/"},"modified":"2024-03-20T22:02:01","modified_gmt":"2024-03-20T22:02:01","slug":"gold-advances-on-renewed-rate-cut-bets-after-fed-verdict-times-of-india","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/03\/20\/gold-advances-on-renewed-rate-cut-bets-after-fed-verdict-times-of-india\/","title":{"rendered":"Gold advances on renewed rate cut bets after Fed verdict &#8211; Times of India"},"content":{"rendered":"<div style=\"text-align:center\"><img loading=\"lazy\" decoding=\"async\" width=\"1280\" height=\"720\" src=\"https:\/\/i3.wp.com\/static.toiimg.com\/photo\/msid-108657899,imgsize-57940.cms?fit=1280,720&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Gold advances on renewed rate cut bets after Fed verdict &#8211; Times of India\" title=\"Gold advances on renewed rate cut bets after Fed verdict &#8211; Times of India\" \/><\/div>\n<div>Gold climbed over 1% on Wednesday after the U.S. <a class=\"key_underline\" href=\"https:\/\/timesofindia.indiatimes.com\/topic\/Federal-Reserve\">Federal Reserve<\/a> indicated they expect to reduce <a class=\"key_underline\" href=\"https:\/\/timesofindia.indiatimes.com\/topic\/interest-rates\">interest rates<\/a> by three quarters of a percentage point by end-2024, sending the dollar and Treasury yields lower.<br \/> Spot gold rose 1.2% to $2,183.02 per ounce by 15:23 p.m. EDT (1923 GMT). U.S. gold futures settled 0.1% higher at $2,161.<br \/> The Federal Reserve held interest rates steady on Wednesday, but policymakers hinted they still expect to reduce them by three quarters of a percentage point by the end of 2024.<\/p>\n<div class=\"election_poll clearfix\" election-artmsid=\"108657896\" election-stateid=\"-2128680634\">\n<div class=\"success_screen poll_withoutLogin hide\">\n<div>\n<h4>Congratulations!<\/h4>\n<p>You have successfully cast your vote<\/p>\n<p><button data-plugin=\"login-see-result\">Login to view result<\/button><\/div>\n<\/div>\n<\/div>\n<p> &#8220;Gold is getting a double dose of good news today; the Fed is still projecting three <a class=\"key_underline\" href=\"https:\/\/timesofindia.indiatimes.com\/topic\/rate-cuts\">rate cuts<\/a> this year and the higher interest rate projections moving forward betray a real concern that <a class=\"key_underline\" href=\"https:\/\/timesofindia.indiatimes.com\/topic\/inflation\">inflation<\/a> will be harder to tame,&#8221; said Tai Wong, a New York-based independent metals trader, <\/p>\n<p>Wong added markets are modestly optimistic after the new dot plot maintains three 25 bps rate cuts this year.<\/p>\n<p> Fed chair Jerome Powell said it is still likely in most people&#8217;s view there will be rate cuts this year, but that it depends on data.<br \/> While gold is a traditional inflation hedge, lower interest rates encourage investment in non-yielding bullion.<\/p>\n<p>Gold prices had dipped nearly 1% last week after hotter-than-expected February macroeconomic data indicated still persistent inflation, slashing rate-cut hopes.<\/p>\n<p>Traders now price in a 73% chance of a June rate cut, versus a 65% chance seen before the Fed&#8217;s rate decision.<\/p>\n<p>The <a class=\"key_underline\" href=\"https:\/\/timesofindia.indiatimes.com\/topic\/dollar-index\">dollar index<\/a> eased after the Fed verdict, making gold cheaper for overseas buyers, while Ten-year Treasury yields also declined.<\/p>\n<p> &#8220;Gold is poised to try for new all-time highs with the Fed risk out of the way,&#8221; Wong said.<\/p>\n<p> Persistent safe-haven-demand, central bank purchases, geopolitical tensions continue to provide support.<\/p>\n<p> &#8220;There has been demand from retail and other types of investors for gold in China,&#8221; said David Wilson, commodities strategist at BNP Paribas.<\/p>\n<p> Silver firmed 2.6% to $25.56. Platinum rose 1.7% to $909.35, palladium gained 3.1% to $1,022.50.<\/div>\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold climbed over 1% on Wednesday after the U.S. Federal Reserve indicated they expect to reduce interest rates by three quarters of a percentage point by end-2024, sending the dollar and Treasury yields lower. Spot gold rose 1.2% to $2,183.02 per ounce by 15:23 p.m. EDT (1923 GMT). U.S. gold futures settled 0.1% higher at [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5227,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/static.toiimg.com\/photo\/msid-108657899,imgsize-57940.cms","fifu_image_alt":"","footnotes":""},"categories":[604],"tags":[5155,5091,3177,8723,3174,4952,2336,8722,273,2955,3169,3176,3168,8724,272,3116],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/5226"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=5226"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/5226\/revisions"}],"predecessor-version":[{"id":5228,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/5226\/revisions\/5228"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/5227"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=5226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=5226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=5226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}