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Gold soared to an all-time high on Thursday as the Federal Reserve hinted at two potential interest rate cuts this year, boosting bullion’s appeal amid economic uncertainty and geopolitical risks.
Spot gold edged up 0.1% to $3,049.89 an ounce at 0210 GMT, after reaching a record $3,055.96 earlier. U.S. gold futures climbed 0.6% to $3,058.40. Analysts attribute the surge to market volatility, a weaker U.S. dollar, and expectations of lower interest rates.
The Fed maintained its benchmark rate at 4.25%-4.50% on Wednesday, signaling two quarter-point cuts by the end of 2025. The prospect of lower rates, which reduce the opportunity cost of holding non-yielding assets like gold, has fueled demand for the precious metal.
Meanwhile, renewed Middle East tensions and economic concerns stemming from former President Trump’s tariff policies have intensified investor interest in gold as a safe-haven asset. The Israeli military resumed ground operations in central and southern Gaza, with airstrikes reportedly killing at least 48 Palestinians.
Gold has now hit 16 record highs in 2025, with four surpassing the $3,000 threshold. Despite the rally, some analysts foresee resistance at $3,090-$3,100, with potential for short-term corrections. However, recent pullbacks have been brief and met with strong buying interest.
Other precious metals remained steady, with silver at $33.81 an ounce, platinum rising 0.1% to $994.05, and palladium inching up 0.1% to $957.42.
With economic uncertainty persisting and the Fed’s dovish stance, gold’s bullish momentum appears strong, keeping investors focused on its next potential milestone.
