PRECIOUS METALS – Gold steady near record high as investors seek more Fed cues

Istanbul, August 20 (Hibya) – Gold held steady near its record high on Tuesday as investors awaited U.S. Federal Reserve (Fed) minutes and Fed Chair Jerome Powell’s speech indicating how much the central bank will cut rates this year.

PRECIOUS METALS – Gold steady near record high as investors seek more Fed cues
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Yayınlama: 20.08.2024
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Spot gold edged 0.2 percent higher to $2,500.08 per ounce by 0254 GMT, trading slightly below an all-time high of $2,509.65 on Friday. U.S. gold futures rose 0.1 percent to $2,537.70.

Gold prices have rallied more than 20 percent this year on optimism that the Fed will begin cutting interest rates in September, robust central bank buying and safe-haven demand stemming from the Middle East tensions.

The traders will closely monitor the Fed’s July policy meeting minutes on Wednesday and Chair Jerome Powell’s speech at the Jackson Hole symposium on Friday for further hints.

SPDR Gold Trust GLD Holdings, the world’s largest gold-backed exchange-traded fund, jumped to their highest in seven months at 859 tons on Monday. Spot silver fell 0.8 percent to $29.25 per ounce, among other metals. Platinum gained 0.6 percent to $958.95, and palladium shed 0.8 percent to $924.75.

 


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