Gold prices rose to record new records today, Thursday, and are on track to record their seventh daily rise in a row, amid weak US economic data and indications from Federal Reserve Chairman Jerome Powell regarding possible cuts to interest rates in the coming months if inflation recedes.
The precious metal increased in instant transactions by 0.4% to $2,156.6 per ounce by 08:12 GMT, after recording its highest level ever at $2,161.09 earlier in the session.
US gold futures also increased 0.4% to $2,167.00 per ounce (about 30 grams).
Gold received support – yesterday, Wednesday – after Powell indicated that there are likely to be cuts in interest rates in the coming months “if the economy develops broadly as expected” along with more evidence of low inflation.
Low interest rates enhance the attractiveness of gold, which does not generate returns.
As for other precious metals:
- Silver rose in spot transactions 0.4% to $24.25.
- Platinum fell 0.1% to $906.82 an ounce.
- Palladium fell 0.8% to $1,033.44.
