Gold prices stabilized during trading on Wednesday, September 18, amid anticipation of the US Federal Reserve’s decision on interest rates later today, amid expectations of implementing the first interest rate cut in about 4 years.
In terms of trading, gold futures settled at $2,593 per ounce.
Markets are also awaiting Federal Reserve Chairman Jerome Powell's statements after the interest rate decision to try to determine its future path until the end of this year.
Non-yielding bullion typically becomes a preferred investment in low interest rate environments and times of geopolitical turmoil.
Meanwhile, Goldman Sachs expects gold prices to hit $2,700 per ounce by early 2025. The bank noted that changes in interest rates will continue to drive volatility in gold prices despite strong demand from central banks.
Goldman Sachs reveals positive expectations for gold price supported by demand from central banks and the imminent interest rate cut by the Federal Reserve:
Gold will hit $2,700 per ounce by early 2025
