48.22 F
London
December 6, 2024
PI Global Investments
Gold

Gold sets another record high above $2,300 after Jerome Powell comments


Gold broke above $2,300 for the first time Thursday as it continued to surge on the back of expectations that US interest rates will come down this year and high geopolitical tensions.

Gold prices: Gold’s popularity as a safe haven in times of turmoil has also provided plenty of support, with traders fretting over the Middle East crisis and the ongoing war in Ukraine.

The precious metal has chalked up multiple records over recent weeks as the US Federal Reserve indicates it is about to begin easing monetary policy — which makes it more attractive to investors.

Hindustan Times – your fastest source for breaking news! Read now.

Its popularity as a safe haven in times of turmoil has also provided plenty of support, with traders fretting over the Middle East crisis and the ongoing war in Ukraine.

On Thursday, bullion touched $2,304.96 per ounce, according to Bloomberg News, after Fed boss Jerome Powell said it would likely be appropriate to cut borrowing costs “at some point this year”.

Eyes are now on the release of US jobs figures due at the end of the week, with a weak reading likely to give the Fed room to cut rates sooner rather than later.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it’s all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs



Source link

Related posts

Inside the $1,000/month diet of an Olympic gold medalist

D.William

For Gold And Glory Walkthrough In Dragon Age: The Veilguard

D.William

Huddersfield man with ‘heart of gold’ dies after crash outside pub

D.William

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.