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

Gold prices reached new record highs on Thursday, extending their winning streak for a seventh consecutive day. The surge was driven by weak U.S. economic data and Federal Reserve Chair Jerome Powell’s indication of potential rate cuts in the coming months. Spot gold rose 0.5% to $2,159.79 per ounce, hitting an all-time high of $2,161.09 earlier in the session. In addition to the weak economic data, Powell’s remarks about possible interest rate cuts and falling inflation also boosted gold. Lower rates make gold more attractive as an investment. The demand for gold is expected to continue due to geopolitical uncertainty and a global economic slowdown.