Gold jumps 1% to fresh high, now at levels not seen since August 2013
for August delivery traded as high as $1,417.70 per ounce, highest mark since reaching $1,418.60 on Aug. 29, 2013. The precious metal traded more than 1% higher as of 11:30 a.m. ET.
"This extreme positioning is likely to linger as [Fed Chair] Jerome Powell reassured markets about the Fed's capacity and willingness to support economic expansion with rate cuts and other unconventional management tools," Keenan said. Investors piled into gold after the Fed said last week it would "act as appropriate" to keep the current economic expansion going. The Fed also said inflation was running below its 2% target. Those comments increased the odds of the Fed cutting rates in July, weakening the dollar.
"It was much more a macro driver . The recent move in the past two sessions has been accompanied by dollar weakness so it's not just a gold story."
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