Gold Tops $2,300 After Powell Reiterates Rate-Cut Path This Year
- Powell says Fed has time to assess data before deciding to cut
- Silver rises to the highest intraday level since July 2021
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Gold rose to another record, extending a weekslong rally after Federal Reserve Chair Jerome Powell reiterated that it will likely be appropriate to begin lowering interest rates “at some point this year.”
Powell said recent inflation figures — though higher than expected — didn’t “materially change” the overall picture, according to his Wednesday speech at California’s Stanford University. He signaled policymakers will wait for clearer signs of lower inflation before cutting interest rates. Lower rates are generally positive for gold since it pays no interest.