How rate-cut cycles impact gold
A rate-cut cycle runs from the Fed's first cut to its last in the same direction.
Gold ended higher across six of the seven, with a median gain of 6.1% from the month of the first cut to the month of the last.
The largest was the 2024 to 2025 cycle, when gold rose about 68%. The exception was 1990 to 1992, when gold fell 5%.
Silver was weaker: it ended higher in only two of the seven cycles.
An explainer from the chart's Learn library. What the record did, not a forecast.
Updated Oct 2026 · record through Oct 2026