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

On Wednesday,Forex brokers ranking 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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