Precious Metal Market
Gold prices inched up on Friday but were set for a weekly decline after slipping from record highs, as the U.S. dollar and Treasury yields rebounded ahead of Federal Reserve Chair Jerome Powell’s speech that could give clues on interest rate cuts.
Gold prices regained lost ground on Wednesday to hover close to their all-time highs after minutes from the U.S. Federal Reserve’s last meeting showed officials strongly leaned towards an interest rate cut at their September policy meeting.
Gold prices were trading below record high levels on Wednesday after a rally fueled by Western fund inflows and U.S. rate-cut optimism, as investors braced for minutes of the Federal Reserve’s latest meeting for clarity on the depth of cuts.
Gold held steady near its record high on Tuesday as investors awaited U.S. Federal Reserve minutes and Chair Jerome Powell’s speech for indications on how much the central bank will cut rates this year.
Gold prices eased on Monday and hovered around key $2,500 level, as traders locked in profits following bullion’s climb to an all-time peak in the previous session on expectations of a U.S. interest rate cut next month.
Gold prices inched up on Thursday after a 1% decline in the previous session following inflation data that dampened hopes for a larger September U.S. rate cut, while the focus shifted to retail sales data.
Gold prices eased on Tuesday as profit-taking kicked in after bullion hit a more than one-week high, while market players awaited key U.S. inflation data that could provide further insight into the Federal Reserve’s next policy decision.
Gold prices struggled for momentum on Monday as investors looked forward to a key inflation report that could shed more light on the U.S. central bank’s next policy move.
Gold prices rose more than 1% on Thursday, supported by firm safe-haven demand and growing expectations for a sizeable interest rate cut from the U.S. Federal Reserve in September.
Gold prices firmed on Wednesday on mounting bets of U.S. interest rate cuts in September and rising geopolitical tensions in the Middle East, with markets awaiting U.S. economic data for clues on the Federal Reserve’s interest rate path.
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