Gold steady above $2 500 ahead of Powell’s Jackson Hole speech
Gold was steady near a record high before a hotly anticipated speech by Federal Reserve chair Jerome Powell later in the week, which may offer clues on how rapidly the central bank will cut interest rates.
Bullion traded near $2 500 an ounce after reaching an all-time high on Monday. Powell will speak Friday at the Fed’s annual Jackson Hole symposium in Wyoming, and is expected to confirm a pivot to lower borrowing costs next month. However, the market is more interested to hear about what might happen to rates after that.
The precious metal has surged more than 20% this year in a blistering rally that’s been driven in part by optimism the Fed pivot was nearing. Increased haven demand due to heightened geopolitical risks and uncertainty ahead of the US election in November has also contributed, with central banks and Asian consumers being enthusiastic buyers.
Spot gold was steady at $2 504.28 as of 8:19 a.m. in Singapore after touching a record of $2 509.94 on Monday before closing down 0.2%. The Bloomberg Dollar Spot Index was flat. Silver, platinum and palladium all edged lower.
Investors will also be monitoring a US jobless claims report on Thursday, which may affect the Fed’s strategy on rates as it tries to rein in inflation without choking economic growth.
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