Fed Cuts Rates 50bp, Gold Prices Seen With Room for Upside Amid Hawkish Tone and US Election Uncertainties - Huatai Securities Report

Publicado: Sep 20, 2024 09:19

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[Huatai Securities: Fed Initiates Interest Rate Cut, Gold Prices May Still Have Room for Upside] A research report from Huatai Securities indicates that the Federal Reserve has announced a 50bp interest rate cut in September. Following the announcement, Powell's speech leaned towards hawkishness, emphasizing that the US economy remains relatively robust. On the whole, the combination of "a 50bp interest rate cut" and "a hawkish stance" has a relatively limited impact on gold prices. Coupled with the fact that gold prices have already largely factored in the US rate cut, it is anticipated that gold prices will likely continue to fluctuate at high levels in the short term, provided that the extent of the rate cut does not significantly exceed market expectations. In the long term, the economic trends in the US after the rate cut and the US presidential election will be significant factors driving further upside in gold prices. Based on the context of rate cuts under the US "loose fiscal policy" + "high inflation" structure, it is judged that gold prices may still have room for upside in the long run.

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