Gold Rises, Hovers Below Recent Record Peaks

Gold prices rose today, but hovered below recent record peaks after the US Federal Reserve chair tempered expectations for more substantial interest rate cuts this year (2024). Spot gold was 0.3% higher at $2,641.33 per ounce, off a record high of $2,685.42 hit on Thursday. US gold futures rose 0.2% to $2,663.10. Fed Chair Jerome Powell suggested the central bank will likely pursue quarter-percentage-point interest rate cuts moving forward and was not "in a hurry" after new data boosted confidence in ongoing economic growth and consumer spending. Meanwhile, spot silver was up 0.7% to $31.36 per ounce, and platinum gained 0.9% to $984.95, while palladium settled at 1000$. Source: Oman News Agency