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2025-09-19 09:54:47
[Gold prices fell for the third consecutive day as the Fed's cautious attitude towards rate cuts curbed demand] Gold prices fell for the third consecutive day as traders became more cautious about the Fed's rate cut prospects and the strengthening US dollar curbed the recent rise in precious metals. Gold prices are now about $70 lower than the all-time high set on Wednesday - after the Fed announced a 25 basis point rate cut, pushing gold prices to a record. Gold prices subsequently fell as Fed Chairman Powell's comments on the path of monetary policy were more hawkish than expected, saying officials would take a "meeting-by-meeting" approach to further easing. Looking ahead, attacks on the independence of the Federal Reserve at the US government level may further boost gold prices. Governor Lisa Cook is embroiled in a legal dispute with Trump, who tried to fire her over mortgage fraud allegations. Government economic adviser Stephen Milan was quickly appointed to fill the temporary vacancy at the Federal Reserve. He was also the only member of the committee who opposed a 25 basis point rate cut and advocated a 50 basis point rate cut at Wednesday's meeting.
