Gold notched a fresh record and silver hit a two-year high as two Federal Reserve officials said they still expect the US central bank to cut rates three times in 2024, with Chair Jerome Powell due to speak later Wednesday.
Bullion rose to a fresh peak above US$2,288 an ounce before trading little changed, while silver topped US$26 an ounce. San Francisco Fed President Mary Daly and Cleveland counterpart Loretta Mester — both of whom vote on policy decisions this year — said three reductions were likely over 2024, although there’s no urgency. Lower rates benefit the non-yielding metals.
