Gold Hits Fresh High After Powell Says Rate Cut Likely This Year
- Bullion has jumped about 5% over the previous five sessions
- The rapid ascent has happened without any major catalyst
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Gold set a new record, while other precious metals also chalked up big gains, after Federal Reserve Chair Jerome Powell reiterated the US central bank will likely cut interest rates this year.
Bullion hit a fresh high of $2,152.25 an ounce, while palladium broke the $1,000-an-ounce mark with gains of more than 10%.