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Gold Prices Rise on Powell's Comments

July 12, 2019 / www.investing.com
Investing.com - Gold rose on Thursday in Asia after the U.S. Federal Reserve indicated that it’s preparing to cut interest rates despite a strong U.S. jobs report released last week.Gold futures for August delivery, traded on the Comex division of the New York Mercantile Exchange, were up 1% to $1,426.05 by 11:57 PM ET (03:57 GMT).Fed chairman Jerome Powell said overnight that the central bank “will act as appropriate” to counter slowing business investments and growing economic uncertainties.Gold is now trading near a six-year high on expectations that the Fed will cut rates this month, which will boost the appeal of non-interest-bearing assets.Uncertainties surrounding Sino-U.S. trade war and Brexit were also cited as supporting the safe-haven metal.“Although ther...

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NEWSLETTER

Platinum
855.13
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Palladium
1,520.31
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Nickel
6.45
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Aluminum
0.83
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Cobalt
12.93
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Iron Ore Fines
71.00
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