Gold holds near record after Powell affirms rate cut next month
26/8/2024 6:27
Gold steadied near a record high after Federal Reserve Chair Jerome Powell affirmed expectations the central bank will start cutting interest rates next month.
Bullion traded near $2,510 an ounce after rising 1.1% on Friday. Powell said the “time has come” to pivot to monetary easing at Jackson Hole, Wyoming, on Friday, and also made clear his intention to prevent further cooling in the US labor market. Lower borrowing costs typically increase the attractiveness of gold, which doesn’t pay interest, relative to Treasuries.
Source: Bloomberg
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