Gold sprints to over 5-year peak after Federal Reserve hints at rate cuts

Gold prices surged as much as 1.8 per cent to their highest in more than five years on Thursday after the US Federal Reserve signalled possible interest rate cuts later this year, sending the dollar and US Treasury yields lower.[BENGALURU] Gold prices surged as much as 1.8 per cent to their highest in more than five years on Thursday after the US Federal Reserve signalled possible interest rate cuts later this year, sending the dollar and US Treasury yields lower.

"With this move, the target for gold investors has moved to US$1,400 and the key is to sustain this momentum for this week. On the longer term, it is going to be difficult to stay above US$1,400 as with better conditions for riskier assets due to rate cuts, investors might move to equities." "Gold has taken a nice leg up" on the back of falling yields and dollar, said Chris Weston, head of research at Melbourne-based foreign exchange brokerage Pepperstone.

Meanwhile, gold priced in Australian dollars surfaced above A$2000 for the first time, hitting a record high of A$2005.23.

Source: News Formal (newsformal.com)

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