ASIATODAY.ID, JAKARTA – The price of gold has increased by 1.5% and reached new all-time high, the trading data showed on Tuesday.
As of 03:42 pm GMT, the price of August gold futures on the New York Comex exchange increased by 1.46% to $2,464.5 per troy ounce. Moments earlier, the price hit all-time high of $2,467.15 per troy ounce.
On Monday, the price of the August gold futures on the New York Comex exchange increased by $19.45, or 0.8%, to $2,440.15 per troy ounce, while the price of gold had been declining during the day. The September silver futures rose by 0.46% to $31.305 per ounce.
The rise was driven by anticipation of comments from U.S. Federal Reserve Chairman Jerome Powell, who was expected to provide additional insights on the Fed’s monetary policy.
Last week, the Fed Chairman confirmed that it was not advisable to lower the key interest rate until there is confidence that inflation is moving towards the target of 2%. Additionally, Powell noted that the labor market had largely returned to pre-pandemic levels.
The next meeting of the US central bank is scheduled for July 30-31.
According to CME Group, 85% of analysts believe that the Fed will lower the interest rate in September to 5-5.25% from the current 5.25-5.5%. Expectations of an imminent rate cut by the regulator are positively influencing gold’s performance. (Sputnik)
Follow Us at Google News and WA Channel