Investing.com – Gold prices rose in Asian markets today. But it is still recovering from falling from the previous day’s highs. Because of a warning before the speech by Jerome Powell, the Chairman of the Federal Reserve. As a result, the dollar strengthens.
Gold prices rose to record highs earlier in the week. Amid growing confidence that the US Federal Reserve will begin lowering interest rates from September. Even though the price has fallen from taking profit. But gold still has good support.
Spot gold prices rose 0.4% to $2,495.52 an ounce, while those for December delivery rose 0.6% to $2,530.70 an ounce as of 01:24 ET (05:24 GMT). was purchased for 2,531.72 ounces.
Watch Powell’s statement amid interest rate speculation
The president of the Fed is going to speak at the Jackson Hole Symposium today, which could provide more information about the plans of the Federal Reserve. To start lowering interest rates
The market is expecting a rate cut in September. Although the tool It shows that investors are still divided between a base cut of 25 or 50.
Expectations of interest rate cuts were further boosted by weak labor data earlier in the week. This shows a significant decline in employment data for the year to March 2024.
The data suggests that the recent slowdown in employment growth began from a weaker than expected base. And he has raised concerns about a slowdown in the US economy.
The outlook for slow growth and falling interest rates is good news for gold. Because it has the characteristics of a safe asset In addition, lower interest rates mean a lower opportunity cost of buying gold.
Other precious metals also rose today. But it still had a midweek performance, rising 0.7% to $959.75 an ounce, while rising 0.9% to $29.290 an ounce.
Copper prices rose to take profits for the second week in a row.
in the metal business group Copper prices rose today. and looks set to make a profit for the second week in a row After the price recovered from its lows in early August.
On the London Metal Exchange, it rose 0.8% to $9,204.50 a tonne, and rose 0.7% to $4.1655 a pound. Both contracts rose between 0.5% and 1% this week.
Copper rebounds from two-week lows in August This was supported by speculative buying and increased confidence in major importers such as China.
The market is also expecting lower interest rates in the US. It will help improve copper demand globally.
2024-08-23 07:12:00
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