Gold hit yet another new price record this week, rising past US$3,700 per ounce. The yellow metal broke that level on Wednesday (September 16), the first day of the US Federal Reserve’s meeting, and then did it again the next day just after the gathering wrapped up. The Fed was widely anticipated to cut interest rates, and that’s exactly what happened — it announced a 25 basis point reduction to the 4 to 4.25 percent range, with Chair Jerome Powell describing it to reporters as a ‘risk-management cut.’ Although inflation is still outside the Fed’s 2 percent target, Powell said the central bank has shifted its focus toward the jobs market due to a change in the balance of risks — in his view, it’s no longer possible to call the labor market ‘very solid.’ ‘Labor demand has softened, and the recent pace of job creation appears to be running…
