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Gold Rallies To Record High As Fed Sticks To 2024 Rate-Cut View.

Gold prices saw a modest increase of 0.25% yesterday, settling at 65,750 rupees per ounce as traders eagerly awaited the U.S. Federal Reserve’s monetary policy decision and Fed Chair Jerome Powell’s remarks for insights into the prospects of rate cuts. As anticipated, the Federal Reserve maintained interest rates within the target range of 5.25%-5.5% but indicated its intention to implement three rate cuts before the end of the year. Additionally, the Committee revised its forecast for this year’s real GDP growth upward to 2.1%, a significant increase from the previous estimate of 1.4% in December.

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