29 July
Gold rises amid Powell's announcement of a smaller increase in interest rates
After Fed Chair Jerome Powell's forecast of a slowdown in interest rate hikes, which caused a rally in the metals markets, gold prices are rising on Thursday.
The Fed is likely to moderate the pace of rate hikes in the next few months, Jerome Powell stated in his speech in Washington. He also added that this is necessary in order to identify consequences of a sharp increase in rates on the economy this year.
The Fed Chairman's statements caused a large-scale rally in the metals markets. The likely slowdown in the pace of rate hikes is a clear positive, bringing some relief to the markets.
At the same time, uncertainty about where U.S. interest rates will peak worsens gold's prospects. The final value of the central bank rate depends mainly on U.S. inflation dynamics.
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