Gold highest since mid-August amid rate hike talks1 Dec 2022 17:23
The price of gold jumped on Thursday after Federal Reserve Chair Jerome Powell once again hinted that the central bank is likely to opt for a slower pace of interest rate increases at its next meeting, scheduled for this month.
The Fed official insisted that the central bank doesn't want to "overtighten" the monetary policy, as the goal is not "to crash the [United States] economy." The comments seemingly prompted the American currency to decline, raising appetite for the yellow metal.
Gold soared 1.53% to go for $1,797.14 per ounce at 9:24 am ET, the highest in over 3 months. Silver grew 0.82%, selling at $22.38 per ounce simultaneously and reaching its highest point since early June. Platinum gained 1.01% to go for $1,046.63 per ounce at 9:25 am ET. Meanwhile, Palladium lost 0.49% to sell for $1,873.35 per ounce at the same time.
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*Gold price currently $1800.73