Fed cuts rates 25 basis points - here's why gold dropped $30 anyway
Key Points
- Gold spiked to $3,673 after the Fed's rate cut but fell to $...
Gold hit $3,673 after the Fed's September 17 rate cut, then promptly fell to $3,643 the next day. If you're wondering why your shiny hedge against uncertainty decided to take a tumble right after getting what it supposedly wanted, welcome to the wonderful world of "buy the rumor, sell the news."
When Good News Becomes Bad News
The Federal Reserve delivered a modest 25 basis point cut, but the market had that victory party and left early. What really spoiled gold's celebration was a series of economic reports that painted the U.S. economy in surprisingly rosy colors. Initial jobless claim...
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