Federal Reserve chief to speak again later in the day
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.
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