Gold prices on September 24 remained near historical highs, reacting to statements by US Federal Reserve Chairman Jerome Powell about growing economic risks and inflation. Spot gold rose 0.3% to $3776.20 per ounce, while futures fell 0.2% to $3808.50.
Gold prices on September 24 remained near historical highs, as markets cautiously reacted to statements by US Federal Reserve Chairman Jerome Powell about growing economic risks, inflation, and interest rate prospects. This was reported by Investing.com, writes UNN.
Details
According to trading data, spot gold rose by 0.3% to $3776.20 per ounce, while futures fell by 0.2% to $3808.50. The day before, quotes reached a new record of $3791.1 per ounce, remaining close to the highs amid steady demand, as gold is considered a "safe haven" for investors.
During his speech, Powell noted that "there is no risk-free path" to cutting rates, as inflation remains volatile and the labor market has noticeably weakened. This creates a dilemma for the Fed, which recently cut the rate by 25 basis points and signaled the possibility of further policy easing.
Gold price breaks historical maximum amid expectations of Fed rate cut16.09.25, 10:58 • 3437 views
As Investing.com writes, weak US Purchasing Managers' Index data, as well as expectations of new statistics this week, only heighten investors' fears. The dollar, meanwhile, remains near three-year lows, further supporting precious metals.
Among other assets on September 24, platinum rose (+0.6% to $1485.41 per ounce) and silver (+0.5% to $44.25). In the industrial metals market, copper quotes in London rose by 0.1% to $9999.95 per ton, while on COMEX the price increased to $4.6430 per pound.
Recall
Despite the previous increase in the value of monetary gold as a method of saving money, its popularity as a jewelry metal has significantly decreased. As noted in a comment for UNN by financial expert Olena Sosedka, this was most reflected in key markets – India and China.
Gold prices in the global market have become so high that it has reduced the popularity of buying gold jewelry. This has been most reflected in key markets such as India and China, but a global decline in demand is felt worldwide. Due to rising prices, former fans of gold jewelry are increasingly preferring other precious metals. Instead, gold is more often considered as a way to preserve capital in conditions of economic instability and high inflation. And not as an item of everyday use
– said Olena Sosedka.
The day before, the price of gold rose by 0.2% to $3,691.53 per ounce, after reaching an all-time high of $3,707.40 on September 17.
https://unn.ua/news/tsina-zolota-prodovzhuie-perebuvaty-bilia-istorychnykh-maksymumiv-na-tli-ochikuvan-shchodo-frs
