FX.co ★ Gold Rises for Third Session

Gold prices climbed to approximately $4,230 per ounce on Thursday, marking a third straight day of gains and nearing the levels seen in October when prices reached a record high. This upward trend follows the Federal Open Market Committee's anticipated decision to cut rates. Fed Chair Jerome Powell highlighted the central bank's deliberations on whether to decelerate, modestly reduce, or implement significant cuts in interest rates, noting no intention to increase them. The U.S. central bank has retained its forecast for a single rate cut in 2026, although a slight modification in its statement indicates increased uncertainty regarding the timing and magnitude of future cuts. Additionally, policymakers have revised their economic outlook, raising growth projections while lowering inflation forecasts for 2025 and 2026. Geopolitical tensions have further bolstered gold's appeal as a safe haven asset, including the U.S. interception of a sanctioned tanker near Venezuela and the ongoing unpredictability surrounding the Russia-Ukraine peace negotiations.