After the Federal Reserve cut interest rates, gold prices hit a record high and then retreated.

On Wednesday,The safest foreign exchange trading platform September 18th, during the New York session, the spot gold market experienced significant volatility. After the Federal Reserve announced a 50 basis point interest rate cut, gold prices surged to an all-time high of $2,600.15 per ounce. However, Fed Chairman Jerome Powell hinted at the press conference that this rate cut does not signal a rush to continue cutting rates in the future. As a result, gold prices sharply retreated, dropping to a low of $2,546.79 per ounce.

By the close of trading on Wednesday, spot gold had fallen by 0.4%, closing at $2,559.19 per ounce. In early Thursday Asian trading, gold prices were hovering around $2,557 per ounce.

Tai Wong, a New York metals trader, pointed out that although gold hit a record high, bond yields also rose significantly, affecting the potential for further gold price increases. Analyst Valencia suggested that if gold continues to pull back, it could fall below the $2,550 per ounce support level, with further targets at $2,531 and $2,485 per ounce.

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