The price of gold rose above $2,520 an ounce on Tuesday after falling slightly in the previous session. The market is looking forward to the annual Jackson Hole symposium.
He gold resumed its rise until reaching another all-time high, While traders focus their attention on the comments of the Chairman of the Federal Reserve, Jerome Powell, later this week.
The bullion exceeds $2,520 an ounce on Tuesday after falling slightly in the previous session. Powell will speak on Friday at the annual Jackson Hole symposium in Wyoming, where His comments will be scrutinized for clues about potential interest rate cuts by the central bank.
The market will also be keeping an eye on Thursday’s jobless claims figures, which could influence the Federal Reserve’s plans. Lower rates are often seen as positive for non-interest-bearing gold.
The price of metal has risen more than a 20% so far this year on expectations of rate cuts, strong central bank buying and safe haven demand due to conflicts in the Middle East and Ukraine.
There are signs, however, that gold’s stellar run may now be weighing on demand in China. A report showed imports last month fell to the lowest level since May 2022.
Source: Ambito
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