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Gold prices surged after Federal Reserve Governor Jerome Powell outlined the prospect of interest rate cuts in the coming months. On Thursday (July 11), gold prices rose 0.02% to US$1,424.25 per ounce by 09:30 WIB. This price approached the five-year high reached on Tuesday (July 2), which was US$1,434.5 per ounce.
Previously, Powell expressed concerns about trade policy and a weakening global economy, putting pressure on the US economic outlook. He also stated that the Fed would take steps to maintain the economic expansion that has been sustained for the past 10 years. This speech led market players to seek safe-haven assets, such as gold.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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