Gold Loses Steam After Fed Uncertainty on Rate Cut Trajectory Breeds Caution
Gold remained in losing territory as investors remained concerned about the future trajectory of Fed rate cuts. The precious metal was also dampened by the current gains in the value of the USD because a strong dollar makes it more costly for buyers holding other currencies to purchase gold. On Wednesday, gold had climbed to its highest price ever in the wake of the Fed’s announcement of a 25bps rate cut. However, as the days rolled by, bullion pulled back and is now selling for about $60 less than the price it had peaked at on Wednesday. The pullback started…