#VoteToListOnBinance Gold price sets a new record after FOMC decision

Gold prices soared to a record high of $3,052 after the U.S. Federal Reserve (Fed) maintained interest rates at 4.25%–4.50% and slowed down balance sheet reduction. Currently, gold is trading within the range of $3,035–$3,050, up 0.20%.

This increase is driven by the Fed's projections indicating two interest rate cuts in 2024, along with rising economic uncertainty and inflation due to trade tariffs. Meanwhile, the Russia-Ukraine conflict continues without progress on a ceasefire, and Israeli airstrikes are intensifying, boosting demand for safe-haven assets.

Falling U.S. bond yields are also influencing gold prices, even as the U.S. dollar index (DXY) strengthens by 0.27%. Technically, the gold trend remains bullish, with the potential to break through $3,100. If it corrects, the $3,000 level becomes the main support, followed by $2,954 and $2,900.

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