Gold pares back from fresh record before Powell is set to speak 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.
(Bloomberg) Gold held near a fresh record and silver hit a two-year high as two Federal Reserve officials said they still expect the US central bank to cut rates three times in 2024, buoying the outlook for the precious metals. Most Read from BloombergTrump Sues Truth Social Company Co-Founders to Zero Them OutA Million Simulations, One Verdict for US Economy: Debt Danger AheadTrump Media’s Business Doesn’t MatterTrump Got His $175 Million Bond From a Billionaire Fan’s CompanyTesla’s Sales Mi
Hopes of US rate cuts alone are unlikely to have driven the surge. Analysts also question central bank buying, Chinese households looking for havens and war.
Both the gold price and the bitcoin price have simply exploded over the past few weeks. At the turn of the year, the gold price was just above $2,000/oz until the beginning of March. It’s now threatening $2,200/oz.