The impact of US interest rate cuts on gold prices is usually positive. A rate cut means that the returns on dollar-denominated assets (such as bank deposits and bonds) will decline because the interest rates on these assets will decrease. Since gold itself does not generate interest, it becomes relatively more attractive when the interest returns on other assets decline. Additionally, rate cuts may lead to currency depreciation, and gold is often seen as a hedge against inflation and currency depreciation.

Recently, the market expects the Federal Reserve to cut interest rates, which has already driven up gold prices. For example, some analysts predict that the Fed's rate cuts in 2024 will push gold prices above $2,500 per ounce. Expectations of rate cuts, geopolitical risks, and central bank purchases of gold have collectively driven the rise in gold prices.

Furthermore, the global wave of central bank rate cuts has also affected gold prices. For instance, the European Central Bank's decision to cut rates in September, along with market expectations of possible Fed rate cuts, has enhanced gold's appeal as a safe-haven asset.

However, it is important to note that while rate cuts are generally favorable for gold prices, gold prices are also influenced by various other factors, including global economic conditions, geopolitical tensions, and market supply and demand. Therefore, although rate cuts may provide support for gold prices, the actual price movement still needs to consider the combined impact of multiple other factors.