The price of gold reached an all-time high during trading on Tuesday as markets continue to wait for steps from the world's central banks to ease monetary policy this year, Trading Economics reports.
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August gold futures on the Comex exchange are trading at $2,464.2 per ounce , which is 1.5% higher than the level at the close of the previous session.
A day earlier, Federal Reserve Chairman Jerome Powell said that Fed management’s confidence in the movement of inflation in the United States towards the target level of 2% has increased recently . Powell also added that the regulator will not wait until inflation drops to 2% when deciding to cut the key rate.
Analysts do not expect the Fed to cut the rate at its meeting this month. At the same time, futures for the rate indicate that the market estimates almost 100% probability of its reduction in September.
It is also expected that the European Central Bank, the Bank of England and the People's Bank will soon move to soften monetary policy China, which increases demand for precious metals in Europe and Asia.
- Gold