LONDON, 14 December 2023 - Today's news that the US Federal Reserve expects to cut interest rates more sharply in 2024 than previously forecast has sent the price of gold jumping, says leading US news-site MarketWatch, quoting BullionVault analysis.
"The sudden death of 'higher for longer' at the US Fed has only taken gold back to breakeven for December so far, and it leaves the market $100 below last week's blowoff top," says the report, quoting BullionVault director of research Adrian Ash.
"That's more than offset the speed of gold's rebound, deterring fresh profit-taking while finding an uptick in new inflows."
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