Gold price extends gains above the $2.400 mark, approaching its all-time high of $2,449.92.
XAU/USD Current price: $2,426.35 Markets turned optimistic amid fresh bets Donald Trump could win the US presidential election. Fed eral Reserve Chairman Jerome Powell delivered comments with a dovish tilt. XAU/USD bullish case gains strength, aims to retest its record high at $2,450. XAU/USD shed some ground at the beginning of the day amid resurgent US Dollar demand on the back of weekend news.
Fed Chairman Jerome Powell spoke at the Economic Club of Washington DC and said that if the Fed waits for inflation to get to 2% to cut, it has waited too long, further fueling optimism. He also welcomed easing inflationary pressures in the second quarter of the year and added that an unexpected weakening in the labor market would merit a reaction from policymakers. Powell’s dovish tilt halted the stocks´ rally and helped the USD recover some modest ground.
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