Gold continues bullish streak this Thursday May 4th and is close to its maximum historical valuebecause the Federal Reserve of the United States noted that his streak of interest rate hikes may have finally reached a pausewith elevated economic risks fueling strong demand for bullion, regarded as shelters insurance.
spot gold rises 1.1%, up to US$2,060.15 per ounce. In that way, is approaching its all-time high of $2,069.40marked on August 6, 2020.
He Fed Chairman Jerome Powellsaid that the inflation is still the main concern and that the US economy has a better chance of avoiding a recessionalthough I would not rule out a slight one.
Economic uncertainty and falling interest rates boost demand for bullionwhich do not yield interest.
Markets now see a 98% chance of a pause in rate hikes in Juneand analysts said upcoming economic data would be closely watched for confirmation, likely fueling some volatility. The ECB’s decision on interest rates was also in the spotlight.
Among other precious metals, the silver spot traded stable at $25.60 an ounce, the platinum was up 0.2% at $1,052.05 and the palladium it was up 0.8% at $1,434.26.
Source: Ambito
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