Fresh peak on policy expectations
Gold climbed to an all-time high as traders priced in a 25 bps U.S. Federal Reserve cut and a softer dollar. Spot bullion briefly topped $3,697/oz before easing, while U.S. futures also advanced. The move extends a year-long run powered by central-bank buying and safe-haven demand.
Dollar and yields ease into the meeting
The dollar slipped to multi-month lows against major peers, helping lift commodities across the board. U.S. yields edged lower as investors waited for guidance on the path of cuts into year-end. Positioning stayed cautious ahead of the statement and projections.
Market spillovers across assets
Mining shares outperformed on the open, while some profit-taking hit high-beta equities. Oil traded range-bound as China demand signals remained mixed. Volatility stayed contained with options pricing for a modest post-Fed swing.
What to watch after the cut
Beyond the headline move, traders will parse the dot plot and Chair’s remarks for cues on the pace of easing. Any hawkish surprise could unwind dollar losses and cap bullion’s rally.
