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Does the Federal Reserve's interest rate cut have a limited impact on precious metal prices?

Gold Ten Futures September 18th news, at present, precious metals have responded to the Federal Reserve's expectation of a sharp interest rate cut, and the external gold market has reached a record high. Therefore, if the Federal Reserve cuts interest rates by 25BP or 50BP in September, the boost to gold prices may be relatively limited. The trend of gold prices after the first interest rate cut needs to observe the fundamentals of the US economy and the follow-up policy response taken by the Federal Reserve. If the economy achieves a "soft landing" as expected after the interest rate cut, it may not be conducive to the continued upward trend of gold prices; on the contrary, if the interest rate cut fails to prevent the economic "hard landing", the subsequent Fed may increase interest rate cuts to boost market confidence, then the upward trend of gold prices will be supported.