Gold Prices Gain As Fed’s Powell Keeps Rate-Cut Hopes Alive

July 3, 2024

Via: DailyFX

Gold prices rose on Wednesday as the latest speech from Federal Reserve Chair Jerome Powell fed hopes that the next interest-rate move will be a cut, even if the timing remains uncertain.

Speaking on Tuesday Powell said efforts to reduce price pressures had gone well, putting the United States on a ‘deflationary path.’ However, he said the Fed needs more proof. At present the markets think the central bank will have seen enough by September to start cutting rates. But it’s far from sure.

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