Home Business News Gold hits record highs: Powell’s remarks and economic data drive rally

Gold hits record highs: Powell’s remarks and economic data drive rally

7th Mar 24 12:28 pm

Gold recorded some gains today, extending a series of positive trading sessions this week to reach an all-time high, supported by a slightly weaker dollar and lower long-term treasury yields.

The asset benefited from expectations of a softer monetary policy later this year as attention turned to the Federal Reserve Chair Jerome Powell’s comments.

During his semi-annual congressional testimony on Wednesday, Powell reinforced expectations for an impending interest rate cut later this year. Traders could also monitor his intervention today for additional clues.

The asset could see additional gains if Powell persists in his comments regarding interest rate cut this year, supporting the market’s expectations.

However, gold could see some risks and volatility today as traders react to the release of US jobless claims data later today, Powell’s testimony before the US Senate, in addition to the European Central Bank interest rates decision and Lagarde’s comments.

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