403
Sorry!!
Error! We're sorry, but the page you were
looking for doesn't exist.
Gold prices soar, interest rates cut
(MENAFN) Gold prices soared to a record high on Tuesday, driven by recent comments from Federal Reserve officials suggesting a potential easing of monetary policy in response to escalating tensions in the Middle East.
By 0507 GMT, spot gold had increased by 0.3 percent, reaching USD2,636.85 per ounce, after briefly hitting an all-time high of USD2,638.37 earlier in the session. This follows a remarkable surge the previous day, marking a significant moment for the precious metal. Additionally, U.S. gold futures rose by 0.4 percent to settle at USD2,661.60 an ounce.
Chicago Fed Chairman Austin Golspi stated on Monday that "many more cuts in interest rates are expected over the next twelve months." He emphasized that the Fed aims for a "soft landing" for the economy, managing inflation while avoiding a downturn in the labor market. These remarks follow the Federal Reserve's recent decision to lower interest rates by half a percentage point, a move that has been closely monitored by investors and market analysts.
Other prominent Fed officials, including Rafael Bosic, the president of the Atlanta Federal Reserve, and Neil Kashkari, president of the Minneapolis Federal Reserve, also commented on the significant steps taken by the central bank regarding interest rates.
In addition to gold, other precious metals also experienced gains. Silver rose by 1.3 percent in spot transactions, reaching USD31.07 per ounce. Platinum climbed 1.4 percent to USD969.35 an ounce, while palladium increased by 1.1 percent, trading at USD1,053.09 per ounce.
As the market reacts to these developments, the rising prices of gold and other precious metals reflect investor sentiment amidst growing uncertainties in the geopolitical landscape and evolving monetary policy.
By 0507 GMT, spot gold had increased by 0.3 percent, reaching USD2,636.85 per ounce, after briefly hitting an all-time high of USD2,638.37 earlier in the session. This follows a remarkable surge the previous day, marking a significant moment for the precious metal. Additionally, U.S. gold futures rose by 0.4 percent to settle at USD2,661.60 an ounce.
Chicago Fed Chairman Austin Golspi stated on Monday that "many more cuts in interest rates are expected over the next twelve months." He emphasized that the Fed aims for a "soft landing" for the economy, managing inflation while avoiding a downturn in the labor market. These remarks follow the Federal Reserve's recent decision to lower interest rates by half a percentage point, a move that has been closely monitored by investors and market analysts.
Other prominent Fed officials, including Rafael Bosic, the president of the Atlanta Federal Reserve, and Neil Kashkari, president of the Minneapolis Federal Reserve, also commented on the significant steps taken by the central bank regarding interest rates.
In addition to gold, other precious metals also experienced gains. Silver rose by 1.3 percent in spot transactions, reaching USD31.07 per ounce. Platinum climbed 1.4 percent to USD969.35 an ounce, while palladium increased by 1.1 percent, trading at USD1,053.09 per ounce.
As the market reacts to these developments, the rising prices of gold and other precious metals reflect investor sentiment amidst growing uncertainties in the geopolitical landscape and evolving monetary policy.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Most popular stories
More Story
Comments
No comment