My News Commodities Gold breaks $2,600 barrier as Fed cut bets prolong historic run By Anushree Ashish Mukherjee September 20, 20247:20 PM GMT+1Updated 4 days ago Production at Krastsvetmet precious metals plant in Krasnoyarsk Employees cast ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. ... Purchase Licensing Rights, opens new tab Read more Summary Companies Gold up 27% so far this year Record prices hit retail demand in India, China Silver up over 1% Sept 20 (Reuters) - Gold soared above the $2,600 level on Friday for the first time, extending a rally boosted by bets for further U.S. interest rate cuts, and rising tensions in the Middle East. Spot gold was up 1.3% at $2,620.63 per ounce by 1:43 p.m. ET (1743 GMT), while U.S. gold futures settled 1.2% higher to $2,646.20. A line chart titled "Spot gold price in USD per oz" that tracks the metric over time. A line chart titled "Spot gold price in USD per oz" that tracks the metric over time. Bullion's latest rally got a fillip after the Federal Reserve initiated an aggressive easing cycle on Wednesday with a half-percentage-point reduction, adding to the appeal for gold, which pays no interest.