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On this day — September 15, 2024

Sunday — the international gold market is closed. Spot quotes carry forward from the prior Friday close. Retail rates in jewellery markets may differ slightly based on local Sunday hours.

Day 259 of 366 · Q3 2024 · 70.8% through the year

September 2024 gold market: Fed's jumbo cut supercharges gold

Bullish

An outsized Fed cut sent gold sprinting past $2,600.

The Federal Reserve began its easing cycle with an outsized 0.50-point cut on September 18, and gold surged past $2,600. Lower rates reduce the opportunity cost of holding non-yielding gold, and the market wasted no time pricing in more cuts to come.

The September cut mattered less for its size than for what it confirmed: the rate-cut thesis that had powered gold all year was now real, not just anticipated. Falling policy rates lower the 'opportunity cost' of holding gold — the yield an investor gives up by owning metal instead of bonds. With the Fed now easing into a still-resilient economy, gold's two biggest tailwinds, falling real yields and a softer dollar, were reinforcing each other.

What drove gold in September 2024

  • Fed begins easing with a 50bp cut (Sep 18)
  • falling real yields
  • weaker dollar
  • momentum and ETF inflows returning
Themes#Fed policy#rate cuts#opportunity cost

Key events in September 2024

  1. Sep 18Fed cuts rates 50bp; gold pushes past $2,600

What happened next

Gold extended to records above $2,700 in October before the US election.

For gold buyers

September's jumbo cut validated the rate-cut thesis that had driven gold all year — the easing cycle had finally begun.

Key terms this month

Opportunity cost:
The return given up by choosing one asset over another. Lower interest rates reduce the opportunity cost of holding non-yielding gold.

Sep 15 across the years — 20202022

-13.4% over 2 years
20202022
YearSep 15 closevs prior
Sep 15, 2022$1,689.10-6.00%View
Sep 15, 2021$1,797.00-7.82%View
Sep 15, 2020$1,949.40View
Each row is the verified XAU/USD spot close for Sep 15 of that year. Click any row to open the full daily archive (with country tables for Sep 15, 2020+).