Day: 21 March 2024

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Gold hits new record high!

Gold

The surge in gold prices continues, reaching a new peak on Thursday 21st March 2024, with predictions of further increases as central banks around the world persist in acquiring significant amounts of bullion.

Some analysts believe the gold price could climb as high as $2300 per ounce in the latter half of 2024, particularly if the U.S. Federal Reserve lowers interest rates as anticipated. Currently, gold reached around $2209 on Thursday morning 21st March 2024.

Gold price movement over 1 month

Gold price movement over 1 month

Typically, gold prices have an inverse correlation with interest rates. When interest rates fall, gold becomes more attractive than fixed-income investments like bonds, which offer lower returns when rates are low.

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Dow hits new record high! Nasdaq & S&P 500 follow

Stock markets up!

On Wednesday, 20th March 2024, the three major U.S. indices soared to record all-time closing highs after the Federal Reserve decided to maintain rates and kept its ‘expectations’ for three rate cuts by the end of 2024.

The Dow Jones Industrial Average surged 401.37 points to close at 39,512. The S&P 500 finished at 5224, breaching the 5200 level for the first time. The Nasdaq Composite climbed 1.25% to end at 16369.

Federal Reserve

The Federal Reserve kept rates steady but announced plans for three reductions before the year’s end, echoing its previous projection from December 2023. However, the central bank noted that it requires more substantial evidence of inflation subsiding before commencing any interest rate cuts.

Futures continued their historic ascent into Thursday21st March 2024.

Thank you Fed.