Gold prices held near elevated levels on Thursday as traders reacted to the Federal Reserve’s mostly dovish outlook. Silver prices, meanwhile, continued their strong rally and reached new record highs.
At 08:20 ET (13:20 GMT), spot gold slipped 0.5% to $4,209.42 per ounce. Gold futures for March rose 0.3% to $4,237.80 per ounce.
Gold Consolidates After Fed Rate Cut
Gold traded in a narrow range after the Federal Reserve delivered a widely expected 25-basis-point rate cut. Chair Jerome Powell also signaled that future cuts will require a higher threshold, limiting expectations for rapid easing.
However, markets interpreted the Fed’s latest move as broadly dovish. The central bank announced it will restart Treasury bill purchases at an initial pace of $40 billion per month to boost liquidity.
This renewed asset-buying program, often described as a form of quantitative easing, is expected to support financial conditions in the coming months. Treasury yields fell following the announcement.
Analysts at OCBC noted that the decision was less hawkish than markets feared. Based on updated projections and Powell’s comments on the neutral rate, they maintained their outlook for one 25-basis-point cut in 2026.
Gold and other metals had climbed ahead of the Fed meeting. Prices saw mild profit-taking afterward as traders assessed uncertainty within the FOMC.
Silver Hits Fresh Record High
Spot silver jumped 2.5% to $62.575 per ounce after touching a new all-time high of $63.245 earlier in the day.
The metal has rallied over the past week on expectations of tighter supply and stronger demand in 2026. Silver also attracted safe-haven buyers who see it as an alternative to gold at a lower entry price.
Silver prices have more than doubled in 2025, outperforming gold thanks to renewed optimism surrounding the metal’s long-term outlook. Its classification as a critical mineral by the U.S. government further boosted demand.
Spot platinum rose 1.8% to $1,686.15 per ounce. In industrial metals, benchmark copper futures on the London Metal Exchange gained 1.3% to $11,720 per ton.
