Precious Metal Market
Gold prices climbed to a two-week high on Thursday as U.S. Federal Reserve Chair Jerome Powell opened the door to cutting interest rates as early as September.
Gold struggled for momentum on Tuesday as investors looked for more cues on when the U.S. central bank will cut interest rates from this week’s policy meeting and data releases.
Gold prices rose on Wednesday as the dollar slipped with investors’ focus shifting to U.S. economic data due this week for fresh signals on the timing of the central bank’s interest rate cuts.
Gold prices inched higher on Wednesday, with investors awaiting U.S. economic data that could influence the Federal Reserve’s rate-cut timeline.
Gold prices dipped more than 2% on Friday, as the dollar gained and profit taking kicked in following bullion’s all-time peak hit earlier this week, which was fuelled by rising expectations of U.S. interest rate cuts in September.
Lee Ying Shan@IN/YING-SHAN-LEE@LEEYINGSHAN
KEY POINTS
Gold prices nudged higher on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a September rate cut, while investors awaited more U.S. economic data for further monetary policy cues.
Gold prices dipped on Monday as the dollar held firm, while investors awaited comments from Federal Reserve officials and economic data for further cues on U.S. interest rate trajectory.
Gold prices edged lower on Friday, but were headed for a third straight week of gains as cooler-than-expected U.S. inflation data boosted hopes of the Federal Reserve cutting interest rates in September.
Gold prices extended gains on Friday to their highest level in a month following key U.S. jobs data the showed labor market was softening, lifting expectations around a Federal Reserve interest rate cut in September.
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