Gold prices rise as Fed policy paths attract attention

Huobi HTX reported that gold prices rose on Friday and will record a rise for the fifth consecutive week, with the market paying attention to further clues after the Federal Reserve announced its first rate cut this year. The Fed previously lowered its benchmark interest rate by 25 basis points, but issued a warning about continued inflation, which has raised doubts about the pace of future easing. After the announcement of this decision, spot gold once hit a record high of $3,707.40 and then fell back in volatile trading. "Gold prices are still quite strong, just pausing after the Fed rate hike. The bullish trend has not changed, new highs are inevitable, and we may see $4,000 by the end of the year." Spot silver rose more than 2.2%, while spot platinum rose 1.4%. “What I’m seeing is that many investors are now turning to platinum and silver because they are cheaper than gold,” Haberkorn said.