Key Moments
- Spot gold declined 0.5% to $4,207.49 per ounce, even as March gold futures inched up 0.3% to $4,235.50/oz.
- Spot silver eased to $61.8095/oz after touching a record high of $62.8895/oz earlier in the session.
- The Federal Reserve cut rates by 25 basis points and announced Treasury bill purchases of $40 billion per month, moves widely viewed as dovish.
Gold and Silver Move Lower as Traders Reassess Fed Shift
Gold prices edged lower in Asian trading on Thursday as market participants weighed a generally dovish message from the Federal Reserve. Silver also pulled back after briefly reaching a new all-time high earlier in the day.
Across the metals complex, price action was mixed after the Fed reduced interest rates in line with expectations and signaled that further easing would require a higher threshold. At the same time, the central bank unveiled plans to step up asset purchases, which investors interpreted as supportive for liquidity and risk assets.
Following strong rallies ahead of Wednesday’s policy decision, gold and other precious metals came under pressure from profit-taking.
Spot and Futures Pricing Snapshot
| Metal / Contract | Price | Move / Context |
|---|---|---|
| Spot gold | $4,207.49/oz | Down 0.5% |
| Gold futures (March) | $4,235.50/oz | Up 0.3% as of 00:39 ET (05:39 GMT) |
| Spot silver | $61.8095/oz | Below earlier record high of $62.8895/oz |
| Spot platinum | $1,661.18/oz | Up 0.2% after overnight declines |
| LME benchmark copper futures | $11,608.45/ton | Up 0.4% |
Silver Cools After Hitting New Record
Spot silver slipped to $61.8095 per ounce after earlier climbing to a record intraday high of $62.8895 per ounce.
The metal had staged a strong advance over the past week, supported by rising expectations of tighter supply conditions and better demand prospects in the coming year. Market participants also increased allocations to silver as a safe haven asset, viewing it as an alternative to gold at a lower price level.
Silver prices have more than doubled so far in 2025, outpacing gains in gold amid renewed enthusiasm for the metal’s outlook. Its classification as a critical mineral by the U.S. government has further underpinned investor interest.
Fed Rate Cut Sparks Profit-Taking in Precious Metals
Gold and other metals traded in a flat-to-lower range on Thursday, surrendering part of their pre-Fed advance after the central bank’s latest policy decision.
The Fed lowered its benchmark rate by 25 basis points, a move broadly anticipated by markets. Chair Jerome Powell indicated that additional rate reductions would face a higher bar.
In a step that investors widely read as dovish, the Fed also announced it would restart purchases of Treasury bills to bolster market liquidity, with an initial monthly pace of $40 billion.
The renewed asset purchase program, which many market participants refer to as “quantitative easing,” is expected to add liquidity in the months ahead and reinforces a dovish policy bias. U.S. Treasury yields declined following the announcement.
“Overall, the decision did not come as ‘hawkish’ as some market participants had worried about. In consideration of the updated economic projections, Powell’s comments on the neutral rate, and the unchanged median dots, we maintain our base-case for one 25bp cut in 2026,” analysts at OCBC wrote in a note.
Gold and other metals had advanced in the lead-up to the meeting and then saw some positions unwound as traders locked in gains after the decision.
Platinum and Copper Edge Higher
In other precious metals, spot platinum rose 0.2% to $1,661.18 per ounce, recovering slightly after earlier overnight losses.
Among industrial metals, benchmark copper futures on the London Metal Exchange gained 0.4% to $11,608.45 a ton, extending the generally mixed performance across the broader metals space.
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