Global gold prices rose for the fourth straight week on expectations that the Federal Reserve will cut interest rates in September. Gold gained nearly 1 percent this week to end at 2,446.80 ounce per dollar on Friday. Earlier, it hit an all-time high of 2,483.60 on Wednesday. However global Silver prices declined this week to end at 29.30 dollars per ounce. Markets are expecting a 98 percent chance of a Fed rate cut in September. Some experts feel that the global gold price may even touch 3,000 dollars by the end of this year. Earlier this week, Fed Chair Jerome Powell said recent inflation readings “add somewhat to confidence” that the pace of price increases is returning to the central bank’s target in a sustainable fashion, suggesting a turn to rate cuts may not be far off.
Site Admin | July 21, 2024 6:45 PM
Gold prices rise for fourth week amid Fed rate cut expectations
