Gold has been on a tear since mid-February as investors wager that it stands to benefit from the impending pivot by the Fed.
before trading little changed as investors took comfort in Fed Chair Jerome Powell’s assurance on April 3 that it will likely be appropriate to begin lowering borrowing costs “at some point this year.” Silver held near the highest level in almost three years. Lower rates are generally positive for non-yielding precious metals.
The latest data compiled by the World Gold Council showed that central banks continued adding to their gold holdings in February, marking the ninth straight month of accummulation. China dominated purchases, with India and Kazakhstan also eager buyers.
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