Gold prices hit an all-time high of $2,300 an ounce, as investors bet on rate cuts by the Federal Reserve in the United States.
This surge followed the statements of Federal Reserve officials including Jay Powell, who pointed at the possibility to cut rates in light of inflation being above 2%. The price of the precious metal rose to another record high as a result of central bank purchases and growing global tensions that added more than 25% to prices since October.
Spot gold briefly touched $2,304.09 before settling at $2,300.49 per ounce, while U.S. gold futures dipped 0.2% to $2,308.5 as of Thursday.
On the other hand, the silver was trading at $27.22 per ounce which is the highest point since June 2021, after making a slight downward adjustment of 1.2%. Platinum gained 0.3% to $939.65 and palladium had a considerable rise of 1.6% to $1,029.91, which shows how the market can display volatility.
StoneX’s Rhona O’Connell warned against gold being overbought status to correct the speculative price because of expectations of more central bank rate cuts. The global economic landscape is still complicated, with a mixed U.S. data muddling market sentiment amid geopolitical uncertainty.
Particularly, the domestic gold prices in India rose to price of ₹70,050 per 10 grams as per the glittering news that the global metal markets were showcasing. Just like gold prices soared to an all-time high of about ₹81,700 per kg, driving up demand and aligning with international trends.
With regards to the future, the main attention will be focused on the U.S. employment report for March which is due and will provide additional information on the Federal Reserve’s policy regarding adjustments in interest rates.
