Gold struggled for momentum on Thursday as market participants digested Federal Reserve Chair Jerome Powell's comments after the U.S. central bank delivered a super-sized rate cut. The U.S. dollar rose broadly, recovering from an earlier tumble caused by the Fed's rate-cut decision. Traders are currently anticipating a 68% chance of a 25 basis-point reduction in November and a 32% chance of a 50-bp cut, according to the CME FedWatch tool. Zero-yield bullion tends to be a preferred investment in a lower interest rate environment and during geopolitical turmoil. Spot silver rose 0.5% to $30.20 per ounce, platinum edged up 0.1% to $969.45 and palladium shed nearly 1% to $1,051.43.
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Original article source: https://www.dailymail.co.uk/wires/reuters/article-13866913/Gold-flat-bumper-Fed-rate-cut.html
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