Gold prices hit a new high record at almost $2,500

ALBAWABA – Gold prices hit a new high record again today at $2,487.4 per ounce, approaching $2500. The powerful yellow metal recorded an increase of $11, equivalent to 0.4%, which is the highest new record by far.

Gold and Dollar

Interest rates continue to affect gold prices significantly. The precious metal’s prices increased mainly because investors became more hopeful about Federal Reserve reducing interest rates.

The continued strength of the dollar is supporting the rise of gold prices. Both are facing big increases amid the failed Trump assassination attempt, last Saturday.

^{Gold hits new record (Shutterstock)}

As reported by FedWatch, markets are expecting the US interest to decline by September 2024. This week, Fed Chair Jerome Powell stated being optimistic that inflation was going to continue to decline. Additionally, he hinted that the central bank could start lowering interest rates without waiting for inflation to hit its 2% target.

Powell’s statement comes after the release of the consumer price index report released last Thursday as the report reflected positive results.

Other precious metals

Dollar price fell to its lowest levels in more than a month which increased precious metal prices. Platinum enjoyed an increase of 0.1% to $1,016.80 per ounce, while silver enjoyed an increase of 0.3% to $31,543 per ounce.

Jerome Powell also stated that: “The US Federal Reserve will make decisions based on the updated data and expectations,” he explained how inflation rates experienced a great improvement in the second quarter of 2024.