The price of gold rose to another record high, continuing its one-week rally after Federal Reserve Chairman Jerome Powell confirmed that it would likely be appropriate to start cutting interest rates "sometime this year."
Powell said the recent inflation figures, while higher than expected, had not "fundamentally changed" the overall picture. He noted that policymakers will wait for clearer signs of low inflation before cutting interest rates. Low rates are generally positive for gold because it does not generate any benefit.
Gold rose as much as 0.9 percent to a new all-time high of $2,301.21 an ounce. The precious metal has risen more than 10 percent this year, setting a string of records along the way.
Source (Al-Arabiya.net Website, Edited)
