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Gold reaches 2-weeks peak
(MENAFN) Gold prices surged to a two-week high on Thursday following remarks by United States Federal Reserve Chair Jerome Powell, hinting at the possibility of an interest rate cut as early as September.
At 0650 GMT, spot gold traded little changed at USD2,445.39 per ounce after reaching its highest level since July 18 earlier in the session. The price was just $38 short of the all-time high of USD2,483.60 recorded on July 17.
Meanwhile, United States gold futures rose by 0.7 percent to USD2,490.10.
In contrast, spot silver declined by 0.4percent to USD28.92, platinum dipped 0.4percent to USD972.35, and palladium saw a modest decrease of 0.2percent to USD923.60.
Investors and analysts closely monitored Powell's statements, which suggested the Federal Reserve's readiness to adopt monetary easing measures in response to economic challenges. This stance bolstered the appeal of gold as a safe-haven asset amid uncertain global economic conditions.
At 0650 GMT, spot gold traded little changed at USD2,445.39 per ounce after reaching its highest level since July 18 earlier in the session. The price was just $38 short of the all-time high of USD2,483.60 recorded on July 17.
Meanwhile, United States gold futures rose by 0.7 percent to USD2,490.10.
In contrast, spot silver declined by 0.4percent to USD28.92, platinum dipped 0.4percent to USD972.35, and palladium saw a modest decrease of 0.2percent to USD923.60.
Investors and analysts closely monitored Powell's statements, which suggested the Federal Reserve's readiness to adopt monetary easing measures in response to economic challenges. This stance bolstered the appeal of gold as a safe-haven asset amid uncertain global economic conditions.
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