Gold Record Peak as Fed Urges Caution

Gold prices eased overnight after briefly touching fresh record highs, as comments from Federal Reserve Bank of Dallas President Lorie Logan urged caution on the pace of further US interest rate cuts.

Spot gold dipped 0.5% to US$3,845.78 per ounce, retreating from an earlier session peak of US$3,896.49, the highest ever recorded. US gold futures settled slightly lower at US$3,868.10.

Logan remarked that while last month’s rate cut was appropriate “insurance” against labour market weakness, the Fed should remain cautious about additional moves. Her comments added a note of restraint to an otherwise bullish environment for gold.

Despite the pullback, the underlying picture for gold remains strong. Markets are currently pricing in a near 99% probability of another Fed rate cut this month, while a US government shutdown has delayed critical data releases, heightening uncertainty.

Gold has already surged 47% year-to-date, supported by falling interest rates, persistent geopolitical flashpoints, and a recalibration of global trade. Investment banks such as Goldman Sachs continue to rank gold as their highest-conviction long commodity trade, with price targets stretching beyond US$4,000/oz in 2026.

Silver, meanwhile, also eased in line with gold, slipping 1.4% to US$46.67 per ounce.

In times of policy ambiguity and economic tension, gold’s role as a safe-haven asset remains unchanged. Investors continue to allocate to precious metals not just for near-term price action, but as a strategic store of value.

For Australian investors, access to digital representations of gold and silver through the Gold Standard (AUS) and Silver Standard (AGS) tokens provides a modern and convenient way to gain exposure to these markets. Backed 1:1 by physical bullion and easily tradable, they offer the security of metal ownership with the flexibility of digital finance.

With central banks still navigating inflation, growth, and policy trade-offs, precious metals are well-positioned to remain a core holding – both in vaults and on-chain.