Traders are still pricing in almost two more rate cuts this year, with the expectation of Fed monetary easing a major catalyst in bullion’s 39% surge this year. Prices have also been supported by haven demand due to concerns over geopolitical conflicts and the impact of President Donald Trump’s tariffs on the global economy, along with increased central-bank purchases and holdings in exchange-traded funds.

Looking ahead, the administration’s attack on the Fed’s independence may further reinforce the rally. Governor Lisa Cook is in the middle of a legal battle with Trump, who sought to fire her on mortgage fraud allegations. The administration’s economic adviser, Stephen Miran, was fast-tracked into the Fed to fill a temporary vacancy. He was also the only one voting against Wednesday’s decision, preferring a half-point cut.

Gold rose 0.3% to $3,656.02 an ounce as of 10:50 a.m. London time, making it slightly higher for the week. The Bloomberg Dollar Spot Index edged up. Silver and platinum rose, while palladium was steady.

In corporate news, Zijin Gold International Co., a unit of China’s top miner, is seeking to raise $3.2 billion for an initial public offering in Hong Kong that’s poised to be the world’s biggest deal of its kind since May. Trading is set to begin on Sept. 29. Elevated gold prices have provided a tailwind for miners to raise funds for further expansion and to pay off debt.