Gold consolidates at all-time high on US Fed rate cut hopes, China data; silver near 3-year high mark
record high of $2,304.09 earlier in the day. US gold futures declined 0.3 per cent to $2,308.30. Spot silver fell 1.2 per cent to $26.88 per ounce after hitting its highest since June 2021 --nearly a three-year high.
Platinum rose 0.2 per cent to $938.60 and palladium gained 1.4 per cent to $1,028.50. Also Read: Gold, silver prices climb to a new peak after US Fed chair Jerome Powell's speech. US dollar retreats from 4-month high Back home, gold prices surged by ₹850 to reach a new peak of ₹70,050 per 10 grams on Thursday driven by robust global cues, according to HDFC Securities.
This is the second straight session that precious metal prices have hit all-time high levels. In the previous trade, the precious metal had settled at ₹69,200 per 10 grams. Silver prices also zoomed ₹1,000 to hit record ₹81,700 per kg.
-Fed officials including US central bank chief Jerome Powell on Wednesday continued focusing on the need for more debate and data before interest rates are cut, a move which markets expect to occur in June. -Governor Powell in his comments yesterday mentioned that the interest rates have peaked for this cycle, however they will still watch the economic numbers and inflation trend before taking any decision. Governor Powell believes that the monetary policy is tight -Data showed the number of Americans filing new claims for unemployment benefits increased more than expected last week as labor market conditions gradually ease.
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