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Gold surges to historic high as Fed rate cuts anticipated
(MENAFN) Gold prices reached a new record on Wednesday amid growing expectations that the US Federal Reserve could cut interest rates.
As of 0630 GMT, gold climbed about 1% to $4,633 an ounce, marking its highest level in history.
Over the past 12 months, gold has surged roughly 70.7%, fueled by trade tensions, geopolitical uncertainties, and expectations of central bank rate reductions.
Silver also saw strong gains, rising 3.1% to $89.53 per ounce on Wednesday, with a 12-month increase of more than 180%.
The price rallies followed the release of US consumer price index (CPI) data for December, which showed a 0.3% monthly increase and a 2.7% rise year-on-year, in line with market expectations.
After the CPI report, US President Donald Trump called for Fed Chair Jerome Powell to cut interest rates “meaningfully,” criticizing Powell as either “incompetent” or “crooked.” Powell’s term as Fed chair is scheduled to end this May.
As of 0630 GMT, gold climbed about 1% to $4,633 an ounce, marking its highest level in history.
Over the past 12 months, gold has surged roughly 70.7%, fueled by trade tensions, geopolitical uncertainties, and expectations of central bank rate reductions.
Silver also saw strong gains, rising 3.1% to $89.53 per ounce on Wednesday, with a 12-month increase of more than 180%.
The price rallies followed the release of US consumer price index (CPI) data for December, which showed a 0.3% monthly increase and a 2.7% rise year-on-year, in line with market expectations.
After the CPI report, US President Donald Trump called for Fed Chair Jerome Powell to cut interest rates “meaningfully,” criticizing Powell as either “incompetent” or “crooked.” Powell’s term as Fed chair is scheduled to end this May.
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