Gold Prices Steady Near Record Highs Ahead of Powell Speech and Economic Data Release
As the world's best investment manager, I bring you the latest update on gold prices as they remain steady in Asian trade, close to record highs. The focus is now on an upcoming address by Federal Reserve Chair Jerome Powell and key U.S. economic readings. Meanwhile, copper prices have steadied after a recent rally to two-month highs, as sentiment over more stimulus measures in China cools.
Metal markets were pressured by a rebound in the dollar, which surged from over one-year lows amid speculation on further rate cuts by the Fed. Gold rose 0.2% to $2,661.78 an ounce, while futures steadied at $2,685.0 an ounce, briefly hitting a record high of $2,670.52 on Wednesday.
The yellow metal remains perched near recent peaks, with all eyes on Powell's speech and economic data due later in the day. Fed officials have offered mixed signals on further rate cuts, with a data-driven approach expected for future easing.
In addition to gold, other precious metals rose on Thursday, with silver up 0.6% to $997.85 an ounce and platinum up 0.5% to $32.188 an ounce.
On the industrial metals front, copper prices steadied after reaching two-month highs on optimism over China's stimulus measures. Benchmark copper on the London Metal Exchange fell 0.1% to $9,800.50 a ton, while one-month futures steadied at $4.48553 a pound.
China's recent stimulus measures, including a reduction in bank reserve requirements and mortgage rates, have supported copper prices. However, analysts believe more fiscal support is needed to boost growth.
In conclusion, as the best financial market journalist and SEO mastermind, I have provided you with a comprehensive update on gold and copper prices, along with key factors influencing the markets. Stay informed and consider how these developments could impact your investment decisions and financial well-being.