Gold price rally hits pause as traders digest data, Powell remarks
me-metals: Gold was little changed, hovering near a record high, as traders digest the latest inflation reading in the US and remarks from Federal Reserve Chair Jerome Powell.
According to me-metals cited from mining.com, US inflation picked up broadly at the start of the year, further undercutting chances of multiple Fed interest-rate cuts this year at the same time the Trump administration presses forward with tariffs.
Meanwhile President Donald Trump called for lower interest rates as Powell continued with his second-day testimony before the House Financial Services Committee.
The US central bank “will make decisions about interest rates as we go,” said Powell during the testimony, adding that Wednesday’s inflation print shows “we’re close but not there on inflation.” He told senators on Tuesday the Fed would be patient before easing monetary policy further.
Policymakers held interest rates steady at their first meeting of the year last month as they wanted to see further progress on moderating inflation.
Gold has roared higher this year, setting successive records and potentially lining up a test of $3,000 an ounce. The surge has been powered by increased haven demand as US President Donald Trump unleashed a series of aggressive moves on trade, including a planned levy on steel and aluminum imports.
Traders are trying to get a read on the potential implications for the US economy and monetary policy should the White House’s stance on trade and immigration reignite inflation and impact growth. During his testimony, Powell said it was unwise to speculate on tariff policy.
Gold’s recent ascent has been accompanied by inflows into bullion-backed exchange-traded funds. Global holdings have risen 1.2% so far this year, hitting the highest since November, according to Bloomberg calculations.
Spot gold, which peaked above $2,942 on Tuesday, added 0.2% to $2,902.78 an ounce at 11:57 a.m. in New York. The Bloomberg Dollar Spot Index added 0.1%. Silver was little changed, while platinum rose and palladium fell.
source: mining.com
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