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2025-09-19 10:31:02
Gold prices fluctuated at high levels, with the market focused on the Fed's rate cut path. 1. Gold prices continued to move sideways on Friday, not far from Wednesday's all-time high of 3,707. The Fed initiated its rate cuts as expected, but failed to clarify the pace of subsequent easing, keeping investors cautious as they await further clues on interest rates. Spot gold remained stable around $3,645 per ounce. 2. The Fed announced a rate cut on Wednesday, but concerns about persistent inflation have cast doubt on the sustainability of its policy shift. Low interest rates are generally favorable for gold, and traders currently believe there is a 92% probability of another 25 basis point rate cut in October. 3. Several central banks around the world are simultaneously signaling cautious policy. The Bank of England slowed its quantitative tightening pace and shifted its bond sales focus to medium- and short-term instruments; the Bank of Japan is also expected to maintain interest rates unchanged. Although initial jobless claims in the United States declined last week, the overall labor market showed signs of a slowdown, with both supply and demand contracting. 4. In addition, Swiss customs data showed that Switzerland's gold exports to China surged by 254% month-on-month in August, reaching a new high since May 2024, reflecting the continued rise in the Asian market's demand for precious metals.
