What was the gold price before Fed’s first cut of the cycle?

Gold's monthly average was $2,470 a troy ounce in Aug 2024, the month before.

Gold after Fed’s first cut of the cycle (18 Sep 2024)

Q: What did silver do after Fed’s first cut of the cycle?

After Fed’s first cut of the cycle, silver was 8.1% higher three months on and 50.2% higher twelve months on, measured from the Aug 2024 monthly average.

After Fed’s first cut of the cycle on 18 Sep 2024, gold was 7.2% higher three months on and 48.5% higher twelve months on, measured from the Aug 2024 monthly average of $2,470 a troy ounce.

Gold before: $2,470; Aug 2024
Gold +3 months: +7.2%
Gold +12 months: +48.5%
Silver +12 months: +50.2%

In context

A 50 bp cut began the easing cycle after the 2022–23 hikes.

Over the same months silver was 8.1% higher three months on and 50.2% higher twelve months on.

Of the 29 market or central-bank moments on the chart with a full year after them, this ranks 3rd for gold twelve months on.

The market or central-bank moment before it on the chart: BoJ hike & carry-trade unwind (31 Jul 2024).

The one after: “Liberation Day” tariffs (2 Apr 2025).

Monthly average prices in U.S. dollars per troy ounce (Kitco.com and the World Bank Pink Sheet), from the last full month before a period to its last full month; the record runs Feb 1971 to Oct 2026. What the record did, not a forecast. Source: federalreserve.gov.

Open this in the chart

Updated Oct 2026 · record through Oct 2026