Commodities
Gold Holds Above $2,500 as Powell Signals Rate Cuts Are Coming
Prices had soared to unprecedented levels already earlier this year.
Photographer: Akos Stiller/BloombergThis article is for subscribers only.
Gold held above $2,500 an ounce after Federal Reserve Chair Jerome Powell signaled that time has come for interest-rate cuts.
Powell affirmed expectations that officials will begin lowering borrowing costs next month and made clear his intention to prevent further cooling in the US labor market. Treasury yields and the dollar pushed lower, helping boosting bullion by as much as 1.3%.