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Gold Prices Reach Historic Peak
(MENAFN) Gold values climbed to unprecedented levels on Wednesday as anticipation grew for a possible interest rate reduction by the U.S. Federal Reserve.
The precious metal advanced nearly 1% as of 0630GMT Monday, reaching a record $4,633 per ounce, marking a new all-time high.
Over the past 12 months, gold prices have surged about 70.7%, driven by trade disputes, geopolitical strains, and monetary easing by central banks.
Silver also experienced a sharp rally, jumping 3.1% to $89.53 per ounce on Wednesday. Over the same period, silver skyrocketed by more than 180%.
On Tuesday, the U.S. consumer price index (CPI) increased 0.3% month-on-month and 2.7% year-on-year in December, aligning with forecasts.
Following the release of official inflation data, U.S. President Donald Trump urged Fed Chair Jerome Powell to cut interest rates "meaningfully."
Trump criticized Powell, calling him either “incompetent” or “crooked."
Powell’s tenure as head of the Federal Reserve is scheduled to conclude this May.
The precious metal advanced nearly 1% as of 0630GMT Monday, reaching a record $4,633 per ounce, marking a new all-time high.
Over the past 12 months, gold prices have surged about 70.7%, driven by trade disputes, geopolitical strains, and monetary easing by central banks.
Silver also experienced a sharp rally, jumping 3.1% to $89.53 per ounce on Wednesday. Over the same period, silver skyrocketed by more than 180%.
On Tuesday, the U.S. consumer price index (CPI) increased 0.3% month-on-month and 2.7% year-on-year in December, aligning with forecasts.
Following the release of official inflation data, U.S. President Donald Trump urged Fed Chair Jerome Powell to cut interest rates "meaningfully."
Trump criticized Powell, calling him either “incompetent” or “crooked."
Powell’s tenure as head of the Federal Reserve is scheduled to conclude this May.
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