Gold just pulled off a comeback after the Fed announced rate cuts – losses? Gone. Meanwhile, the dollar and bond yields took a dive, even though Fed officials are clearly split on the next moves.

Here's the kicker: policymakers are only projecting one more rate cut for 2026. Just one. That's way more hawkish than what some folks were hoping for, but gold didn't care. It shrugged off the initial dip and clawed its way back up.

The dollar weakening makes sense – lower rates typically put pressure on the currency. But what's interesting is how gold responded despite the Fed signaling they're basically hitting the brakes on future cuts. Usually, that kind of hawkish tone would keep gold under pressure.

Seems like the market's reading between the lines here. Maybe traders are betting that one cut in 2026 is still dovish enough given where inflation's at. Or perhaps the internal division among Fed members is creating enough uncertainty to keep safe-haven demand alive.

Either way, gold holders had a wild ride today – from red to green in one Fed statement. Bond market's clearly pricing in the slower pace of cuts now. Worth watching how this plays into risk assets and crypto over the next few sessions.