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Gold soars above $4,270 as Fed cut ignites Bullion breakout
Gold (XAU/USD) skyrockets on Thursday after the Federal Reserve (Fed) cut rates as expected on Wednesday, and even though it hinted at a pause in the easing cycle, it was not an excuse for the rally in precious metals. At the time of writing, XAU/USD trades at $4,278 after bouncing off a daily low of $4,204. On Wednesday, the Fed reduced rates by 25 basis points amid a period of elevated prices, as inflation is nearing 3%. However, the central bank hinted at a pause in its easing cycle, as Chair Jerome Powell reiterated that they are in a wait-and-see mode, and that rates are on the higher range for neutral. US jobs ... (full story)
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