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On this day — September 25, 2024
Wednesday — a normal trading day. FOMC announcements (when scheduled) typically come on Wednesdays at 2 PM ET, often producing intraday gold volatility.
Day 269 of 366 · Q3 2024 · 73.5% through the year
September 2024 gold market: Fed's jumbo cut supercharges gold
BullishAn 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
Key events in September 2024
- 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.
Related months to read
Sep 25 across the years — 2020 → 2022
| Year | Sep 25 close | vs prior | |
|---|---|---|---|
| Sep 25, 2022 | $1,649.84 | -5.55% | View |
| Sep 25, 2021 | $1,746.80 | -6.07% | View |
| Sep 25, 2020 | $1,859.70 | — | View |