Gold Halts Four-Week Rally

Gold edged up to around $3,650 per ounce on Friday but held most of its two-day decline, positioning the metal on track to pause a four-week rally. Markets continued to digest the Federal Reserve outlook after the central bank eased its benchmark rate for the first time since December, leaving the door open for further reductions. However, policymakers cautioned that persistent inflation could slow the pace of any future cuts. Chair Jerome Powell also framed the move as a measured response to a cooling labor market, emphasizing that the central bank does not intend to accelerate an easing cycle and will proceed cautiously. Nevertheless, gold has still risen roughly 39% so far this year, repeatedly hitting record highs amid expectations of Fed easing, ongoing geopolitical tensions, and strong central bank demand. Elsewhere, Swiss gold exports to China surged 254% in August compared with July, according to official data.