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Wednesday, May 1, 2024

Gold prices soar as Fed expected to end rate hike

Analysts suggest the possibility of a US interest rate cut is a factor supporting gold prices to continue to increase until next year.

The price of gold futures surged above US$2,100 per ounce while the price of Bitcoin passed $40,000 on Monday morning in response to growing expectations that the Federal Reserve (Fed) has finished with its US interest rate hike and will begin a rate cut next year.

Gold contracts on the Comex (Commodity Exchange) market, due for…

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