Gold19 May 2023 19:12
The price of precious metals rallied on Friday as Federal Reserve Chair Jerome Powell delivered his remarks concerning the current economic trends in the country.
Powell stated that although the policymakers remain committed to bringing the inflation rate down to the targeted level, the central bank might not raise interest rates "as high" in light of recent shocks to the nation's banking sector. This seems to imply that the peak rate might be lower than initially anticipated and that policymakers may be leaning towards a less aggressive monetary approach going forward.
Gold added 0.91% to sell at $1,974.63 per ounce at 11:47 am ET. Silver surged 1.56% to go at $23.87 per ounce, while platinum added 1.31% to $1,070.01 per ounce. At the same time, palladium jumped 2.66%, selling at $1,507.36 per ounce.