Gold prices have risen by 6.4 percent since the beginning of September, on track to record its third consecutive monthly increase supported by a surge in global demand for safe-haven assets.
Gold prices remained steady on Thursday, close to its record high set on Wednesday, as expectations of a further substantial reduction in US interest rates this year persist.
The movement of gold is muted ahead of remarks from Federal Reserve officials later in the day.
The price of gold per ounce climbed 0.2 percent on Thursday, hitting a new peak of $2,664 after starting the session at $2,657 and is currently trading at $2,663.
Yesterday, gold reached an all-time high of $2,670 per ounce, as per Gold Billion’s technical analysis. The US dollar rebounded yesterday, gaining 0.6 percent, which helped curb gold’s continued ascent to historic levels.
Additionally, markets are awaiting a new Fed chair to determine the next move for gold after the upward momentum weakened without entering a negative correction so far.
Several important US economic data points are expected to be released on Thursday, including the final reading of second-quarter GDP and weekly jobless claims, which gauge the performance of the US labor market.
Meanwhile, markets are anticipating statements from the Fed Chair and other members to gauge the future of US monetary policy and the Fed’s intention to continue cutting interest rates in the near future.
Edited translation from Al-Masry Al-Youm
