Gold near record highs
Analysts say the prospects of good jobs numbers in the US and some soothing, dovish comments from Jerome Powell to Congress this week have sent gold up.
Peaking at just below the record set on 4 December last year, if there’s evidence that US rates may come down faster than initially thought could this be enough to score a new all-time high?
(AI Video Summary)
Gold prices
Gold prices have been holding steady after making some big gains recently, hovering just below the highest price ever reached three months ago. The price of gold is affected by the latest news stories, and this week, experts think that the Federal Reserve might lower interest rates in June. Traders are keeping a close eye on the charts that show the price of gold, with the highest point being 20.20, really close to the previous high of 21.21 on December 4th. Investors are excitedly waiting for Federal Reserve Chair Jerome Powell's two-day speech, which will give us some clues about how the US economy is doing and when they might cut interest rates.
JOLTS, ADP, and NFP
In addition to that, there will be some important job data released this week, including JOLTS, ADP, and NFP numbers. Even though gold prices are a little bit lower than the all-time high, they are still doing well. There was a small decrease in price today after a rise in yesterday's trading, something we haven't seen since January 2nd. But overall, there is a positive trend going on, with more and more money being invested in precious metals.
Jerome Powell
So, what does all this mean for someone who isn't quite familiar with trading terms? Well, gold prices have been stable lately after going up a lot. And now, there's a chance that interest rates might be lowered, which could affect the price of gold. Traders are watching the charts very carefully to see how high the price goes. Experts are also waiting for Jerome Powell's speech to get an idea of how the economy is doing and when interest rates might change. On top of that, there will be some important job numbers released. Even though gold prices aren't at their highest point, they're still doing well and more people are investing in it.
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