Gold Price Forecast: XAU/USD set to hit fresh highs in 2024 – MUFG

EUR/USD advances during the North American on Thursday up 0.41% after the Fed decided to cut rates, alongside the release of weaker than expected job data in the United States. The pair trades at 1.1742 after bouncing off daily lows of 1.1682.

GBP/USD is holding firmly in bullish territory heading into the tail end of the week, but Cable bidders ran into a technical resistance point at the 1.3400 handle on Thursday. The Federal Reserve delivered a third straight interest rate cut this week, bolstering broad-market risk appetite and pushing the US Dollar into the low side across the board.

Gold price rises to seven-week highs near $4,275 during the early Asian session on Friday. The precious metal extends its upside as the US Federal Reserve’s quarter-point rate cut drags the US Dollar lower. 

Zcash is leading the crypto market recovery in the early Asian session on Friday, following a 12% jump over the past 24 hours. The move has extended its weekly gain to nearly 25%.

The Federal Reserve (Fed) went ahead with a 25 basis points rate cut, taking the target range to 3.50–3.75%. But the tone around the decision mattered just as much as the move.

Solana (SOL) price is trading below $130 at the time of writing on Thursday, after being rejected at the upper boundary of its falling wedge pattern. The broader market weakness following the Federal Reserve’s hawkish rate cut has added to downside momentum.