Gold price nears record high, as Fed chair powell downbeat on imminent rate cuts

Eliman Dambell Sayvio AI

Speaking on Friday, Federal Reserve chair Jerome Powell hinted at future rate hikes, whilst downplaying the prospect of imminent cuts.

Powell’s pushback comes following recent speculation that the central bank was considering pivoting its current policy.

Regarding this, the Fed chair stated that, “It would be premature to conclude with confidence that we have achieved a sufficiently restrictive stance, or to speculate on when policy might ease.”

He went on to add that, “We are prepared to tighten policy further if it becomes appropriate to do so.”

Gold was on the cusp of a record high, following the news, hitting a peak of $2,075 in today’s session.

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Author

Eliman Dambell

Sayvio AI

With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.

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