Gold extends rally to hit new record as Powell hints at US rate cut in 2024

SINGAPORE – Gold prices rallied to hit new records on Thursday, on track for their seventh consecutive daily rise, led by weak US economic data and Federal Reserve Chair Jerome Powell's indications of potential rate cuts in the coming months if inflation eases.

The marginal weakness in US data gave gold a reason to rally, yet the magnitude of movement appears disproportionately large, possibly influenced by large futures buying that commenced on Friday, Marcus Garvey, head of commodities strategy team at Macquarie, said. If Friday's labour market data or next week's US inflation data shows any weakness, $2,300 would be the short term target based on technical levels, but that would be fairly a short lived phenomenon, before prices correct and consolidate, Macquarie's Garvey said.

پاکستان تازہ ترین خبریں, پاکستان عنوانات

Similar News:آپ اس سے ملتی جلتی خبریں بھی پڑھ سکتے ہیں جو ہم نے دوسرے خبروں کے ذرائع سے جمع کی ہیں۔

Wordle Answer Today: Check #993 Hints and Clues For 9th March 2024Whether you’re starting your day with Wordle or using it to unwind after a busy one, we’ve got you covered with the Wordle solution
ذریعہ: BOLNETWORK - 🏆 9. / 63 مزید پڑھ »

Wordle Answer Today: Check #992 Hints and Clues For 8th March 2024Whether you’re starting your day with Wordle or using it to unwind after a busy one, we’ve got you covered with the Wordle solution
ذریعہ: BOLNETWORK - 🏆 9. / 63 مزید پڑھ »

Wordle Answer Today: Check #991 Hints and Clues For 7th March 2024Whether you’re starting your day with Wordle or using it to unwind after a busy one, we’ve got you covered with the Wordle solution
ذریعہ: BOLNETWORK - 🏆 9. / 63 مزید پڑھ »

Vivo V30 new price in Pakistan & specifications 2024Vivo has introduced the V30 series and is set to release it soon. The phone features a Qualcomm Snapdragon 7s Gen.
ذریعہ: BOLNETWORK - 🏆 9. / 63 مزید پڑھ »

US dollar rate in Pakistan weakens by Re0.25 to Rs289.03 on March 8US dollar rate in Pakistan weakened by Re0.25 (25 paisa) against Pakistani rupee to Rs289.03 in the interbank market on Friday (March 8)
ذریعہ: BOLNETWORK - 🏆 9. / 63 مزید پڑھ »