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Gold Gains After Fed Inflation Comments
Gold prices rose today, Thursday, by 0.4% to $4,080.38 per ounce, as markets reacted to statements from Federal Reserve Chairman (the U.S. central bank) Jerome Powell regarding inflation control. The U.S. Federal Reserve reaffirmed its commitment to tackling inflation, leading to a decrease in the likelihood of interest rate hikes in September from 81% to 57%. Other precious metals also saw gains, with silver increasing by 1% to $58.20, palladium rising by 1.9% to $1,270.50, and platinum up by 0.3% to $1,616.84.
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