Gold hit a six-year high

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      Gold prices soared to nearly six-year highs on Thursday as the dollar plunged after the Federal Reserve (FED/Federal Reserve) hinted that interest rates would be cut as early as next month to boost economic growth.
Spot gold jumped 2.2% to $1,390.38 an ounce at 1732 GMT, after hitting $1,392.84, the highest price since early September 2013.
U.S. gold futures closed up 3.6% at $1,396.90 an ounce.
Ryan Giannotto, director of research at GraniteShares, said of the Fed's statement that "the expected change has more impact than it actually has."
"The market has high expectations for the Federal Reserve, and that's what the market expects. But the real risk is that it does not meet the needs of investors for pigeons.
Lower interest rates reduce the opportunity cost of holding unprofitable gold and put pressure on the dollar, making gold cheaper for investors in other currencies.
The Federal Reserve hinted Wednesday that interest rate cuts would begin as early as July. The Federal Reserve said it was ready to deal with growing global and domestic economic risks as trade tensions intensified and concerns about weak inflation intensified.
Senior officials from China and the United States will resume trade negotiations in accordance with the wishes of their leaders. Negotiations for a broad trade agreement broke down last month.
The dollar fell 0.5% to 96.64 against a basket of currencies, the biggest two-day decline since February 2018.


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