- Gold prices steadied in early trade on Wednesday, after hitting an all-time high on Tuesday, driven by growing hopes of a U.S. interest rate cut in September, following recent comments from Federal Reserve officials.
- Spot gold prices settled at $2,467.48 an ounce, after hitting a record high of $2,482.29 yesterday, while US gold futures rose 0.24% to $2,473.80 an ounce.
- Federal Reserve Chairman Jerome Powell said Monday that recent inflation readings “add some confidence” that the pace of price increases is returning to the Fed’s target in a sustainable way, comments that suggest a shift to lower interest rates may not be far off.
- Federal Reserve official Adriana Kogler on Tuesday also expressed cautious optimism about inflation returning to the U.S. central bank's target of 2%.
- “If gold prices pull back, $2,450, near the previous record high, looks like a tempting level for speculators to buy in anticipation of the next rally,” said Matt Simpson, chief analyst at City Index.
