Gold Climbs to Record High as US Fed Hints Rate Cut

Singapore, 20 Mar (ONA) —- Gold soared to a record high today, as the US Federal Reserve hinted at a possible easing of interest rates by half a percentage point by year-end, which further fostered bullion's appeal amid ongoing geopolitical and economic woes.

Spot gold rose 0.2% to $3,052.92 an ounce. Bullion reached an all-time high of $3,055.31 per ounce earlier in the session.

US gold futures gained 0.7% to $3,061.00. The Fed announced on Wednesday it had held its benchmark overnight rate steady in the 4.25%-4.50% range.

However, Fed policymakers still expect the central bank to deliver two quarter-percentage-point rate cuts by the end of this year (2025), matching their projection from December.

Spot silver firmed 0.1% to $33.84 an ounce, platinum added 0.4% to $996.80, and palladium edged up 0.1% to $959.65.

—- Ends/Khalid