Spot gold was down 0.3% at $2,291.88 per ounce as of 10:04 a.m. EDT (1406 GMT), after hitting a record high of $2,304.09 earlier in the day. U.S. gold futures fell 0.3% to $2,308.30. Strong central bank buying and safe-haven inflows amid growing geopolitical tensions have boosted demand for gold, helping to drive the price up more than 25% since October.
Gold prices: Factors affecting gold prices this week were a sudden shift in expectation of US interest rate cut and rising demand for safe-haven assets. Besides, geopolitical tensions in the Middle East and between Russia and Ukraine, along with an earthquake in Taiwan, led to increased investment in gold and other precious metals.
Gold nears $2,300 after Powell restates rate cut path this year bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Gold nears $2,300 after Powell says Fed has time before rate cut spokesman.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from spokesman.com Daily Mail and Mail on Sunday newspapers.