Fed chair Jerome Powell’s rate cut hints buoy gold
The metal rose to a one-week high after the US Federal Reserve chair’s dovish remarks bolstered the expectation of an imminent interest rate
Bengaluru — Gold prices rose to a one-week high on Thursday, extending gains from the previous session after US Federal Reserve chair Jerome Powell’s dovish remarks bolstered the expectation of an interest rate cut in July.
Spot gold rose 0.1% to $1,419.64/oz at 11.48am GMT, after earlier hitting its highest since July 3 at $1,426. The metal gained 1.5% in the previous session.