Gold prices surged to new heights on Thursday, nearing the pivotal $2,800 per ounce troy, as safe-haven inflows responded to ongoing concerns over U.S. tariffs. This upward movement in gold occurred alongside a weakening U.S. dollar, creating a favorable environment for precious metals. Meanwhile, Ethereum saw a 3% increase and is poised for further gains if it can surpass resistance from a falling wedge pattern, potentially rallying to $4,300.
The European Central Bank (ECB) announced a 25 basis point reduction in policy interest rates, a move that was widely anticipated by market analysts. The ECB's decision marks a continuation of its current rate cut cycle aimed at stimulating economic growth within the Eurozone. This monetary policy shift coincides with a decline in the EUR/USD currency pair, which fell for the fourth consecutive session on Thursday.
EUR/USD reached a peak near the 1.0450 level before retreating to close just below the 1.0400 handle, shedding one-fifth of one percent on the day. This decline signals the potential end of the Euro's recent bullish trend. Market observers speculate that the ECB's rate cut may weigh on the Euro in the short term, contributing to its downward trajectory.
In the cryptocurrency market, Ethereum's price growth is partly attributed to the community's support for Danny Ryan as a candidate for the Ethereum Foundation's executive director. This backing has bolstered confidence in Ethereum's future prospects, adding momentum to its recent upward movement.
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