The world gold price listed on Kitco is at 2,126 USD/ounce, up 54 USD/ounce compared to early yesterday morning. Thus, today's gold price continues to set a new record, the highest ever.
Precious metal prices rose as comments from Federal Reserve Chairman Jerome Powell increased traders' confidence that the US central bank is done tightening monetary policy and Interest rates may be cut from March next year.
In his speech, Mr. Powell said that the Fed is not currently thinking about lowering interest rates. However, analysts say it is clear that the Fed will not raise interest rates as the economy begins to slow. This will cause gold prices to continue to increase sharply in the near future.
Markets predict the Fed will begin cutting interest rates in March and that by the end of next year, interest rates will be below 4%. In addition, gold is being strongly supported by seasonal factors. According to statistics over the past 6 years, gold has always increased during Christmas.
Precious metal prices rose as comments from Federal Reserve Chairman Jerome Powell increased traders' confidence that the US central bank is done tightening monetary policy and Interest rates may be cut from March next year.
In his speech, Mr. Powell said that the Fed is not currently thinking about lowering interest rates. However, analysts say it is clear that the Fed will not raise interest rates as the economy begins to slow. This will cause gold prices to continue to increase sharply in the near future.
Markets predict the Fed will begin cutting interest rates in March and that by the end of next year, interest rates will be below 4%. In addition, gold is being strongly supported by seasonal factors. According to statistics over the past 6 years, gold has always increased during Christmas.
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