Saturday, 2 March 2024

Gold prices hit all-time highs

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Gold prices rose to an all-time high above $2,100 per ounce on Monday as statements by Federal Reserve Chairman Jerome Powell strengthened traders’ confidence that the US central bank may cut interest rates early next year.

According to Reuters, by 05:30 GMT, the spot price of gold rose 0.8% to $2,087.69 per ounce. Earlier in the session, gold rose to an all-time high of $2,111.39.

US gold futures rose about 1% to $2,107.50

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“After his (Powell) speech, traders have become more convinced that we are currently at the peak of US interest rates, and therefore the next path is more likely to be downward rather than upward,” said Tim Waterer, chief market analyst at KCM Trade.

Powell said on Friday that the Federal Reserve is not considering cutting interest rates at the moment

As for other precious metals, silver rose in spot transactions 0.1% to $25.45 per ounce, palladium fell 0.5% to $929.10 per ounce, and platinum fell 0.4% to $996.04.

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