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Home » Gold prices above $2,100 for first time ever.

Gold prices above $2,100 for first time ever.

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GOLD NEWS | GOLDCeylon | 04.03.2024

Gold prices swelled to settle at an all-time high on Tuesday 04th March 2024., underpinned by ongoing geopolitical tensions and bets on a Fed rate cuts ahead of testimony from Federal Reserve chairman Jerome Powell later this week. 

Spot gold rose 1.5% to settled at a record of $2,126.30, while gold futures expiring in April 1.4% to $2,125.65 an ounce. 

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Gold’s gains were driven by some soft U.S. economic data spurring bets that the Fed will cut interest rates by June. But anticipation of more cues from the central bank saw traders once again step back from big bets on the yellow metal. 

Other precious metals also retreated on Monday. Platinum futures rose 1.9% to $904.75  an ounce, while silver futures rose 3.3% to $24.14 an ounce. 

Powell testimony, nonfarm payrolls awaited

Markets were now focused squarely on a two-day testimony by Fed Chair Jerome Powell this week, for any more cues on the path of interest rates.

Analysts expect Powell to reiterate his stance that the Fed will need more convincing that inflation is moving back towards the bank’s 2% annual target, with the Fed chair widely expected to maintain a hawkish tilt.

But traders were still pricing in a greater chance for a 25 basis point cut in June, according to the CME Fedwatch tool.

After Powell’s testimony, focus is also on key nonfarm payrolls data for February, due on Friday. A cooling labor market is also one the Fed’s main considerations for altering interest rates.

Information credit goes to goldprice.org

Published by GOLDCeylon

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