Gold Prices Stable Near Record Highs Ahead of Powell Address and Key U.S. Economic Data
In the world of investing, all eyes are on gold prices as they remain stable near record highs in Asian trade. Investors are eagerly anticipating an upcoming address by Federal Reserve Chair Jerome Powell, as well as key U.S. economic readings.
Copper prices have also steadied after a recent rally to two-month highs, with sentiment cooling over stimulus measures in China. Metal markets have been impacted by a rebound in the dollar, which surged from over one-year lows amidst speculation on further rate cuts by the Fed.
Gold prices rose slightly to $2,661.78 an ounce, while futures remained steady at $2,685.0 an ounce. Spot prices briefly hit a record high of $2,670.52 on Wednesday.
Powell’s speech is expected to shed light on the Fed’s plans for future rate cuts, following the recent 50 basis point cut. Other Fed officials will also be speaking in the days to come, adding to the anticipation in the market.
In addition, updated readings on second-quarter GDP and weekly jobless claims data are set to be released. The Fed’s preferred inflation gauge will be announced on Friday, further influencing market sentiment.
Overall, gold and other precious metals are on the rise, with silver and platinum also seeing gains. Copper prices are stabilizing after China’s stimulus measures, but analysts believe more support is needed for sustained growth.
For investors, staying informed on these market developments is crucial for making sound financial decisions and navigating the ever-changing landscape of the global economy.