Gold Hits 1 Week High As Comments From Fed's Powell Stoke Rate Cut Bets - Dollar Advisory | Best Commodity Tips Provider

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Thursday 11 July 2019

Gold Hits 1 Week High As Comments From Fed's Powell Stoke Rate Cut Bets


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Gold prices rose to their highest in over a week on Thursday as the dollar pulled back from multi-week highs after comments from Federal Reserve Chairman Jerome Powell bolstered expectations for an interest rate cut later this month. Spot gold was up 0.4 percent at $1,423.80 per ounce, after earlier hitting its highest since July 3 at $1,426. US gold futures jumped 1.1 per cent to $1,427.40 an ounce. In an appearance before his congressional overseers on Wednesday, Powell confirmed that the US economy is still under threat from disappointing factory activity, tame inflation, and a simmering trade war. Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.81 percent to 800.54 tonnes on Wednesday from 794.08 tonnes on Tuesday. 

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