Gold News – 16.Jul.2024

Gold News

Fed chief Jay Powell said inflation is moving sustainably towards the 2% target.

Gold prices (XAUUSD) advanced after Powell’s speech.

Gold rose to a two-month high of $2,440 per ounce, coming off a three-week winning streak.

Gold is nearing its all-time high of $2,450 per ounce hit in May.

Powell’s speech raised hopes for interest rate cuts.

He struck an optimistic tone on inflation at the Economic Club of Washington.

Lower interest rates make gold more attractive as it’s a non-yielding asset.

Gold is up 20% since the start of 2024.

Author : Arman Shaban
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