Gold Prices Today: The yellow metal soared to an all-time high on Friday, August 16, as the US dollar weakened after positive macroeconomic data led Wall Street to raise bets for an upcoming interest-rate cut from the US Federal Reserve in September. Tensions in the Middle East also bolstered demand for bullion.
Spot gold was last up 1.3 per cent to $2,489.12 per ounce after hitting a record high of $2,500.99 earlier. US gold futures rose 1.4 per cent to $2,527.80. Bullion has risen 2.4 per cent this week. The dollar index fell 0.3 per cent and was on track for a fourth week of losses, making gold more appealing for buyers overseas.
Silver fell 0.2 per cent to $28.35 per ounce and platinum fell one per cent at $943.10. Palladium dropped 0.9 per cent to $935.43. All metals were on track for weekly gains. Coming to domestic prices, gold futures last fell 1.28 per cent lower at ₹6,404 per 10 grams on the multi commodity exchange (MCX).
Gold rallies to all-time high: What’s driving the yellow metal?
-Analysts said that gold surged to a fresh all-time high and breached $2,500 after two weeks of extremely choppy trading as bulls finally impose their will. Attention will now shift to focus on Jackson Hole and Fed Chair Powell’s speech a week from today to provide a more detailed outlook on the shape of the upcoming rate cuts.
-US Federal Reserve Chair Jerome Powell is scheduled to deliver remarks on the economic outlook next Friday, the first full day of the Kansas City Fed’s annual economic symposium in Jackson Hole, Wyoming.