Author: Trading Market
Source (Reuters) – Gold prices surged to another record high on Friday as data showing a rise in the U.S. unemployment rate boosted expectations that the U.S. Federal Reserve could begin cutting interest rates soon. Spot gold rose 0.5% to $2,170.55 per ounce by 2:07 p.m. ET (1907 GMT). U.S. gold futures settled 0.9% higher to $2,185.50. Bullion was set to post its biggest weekly percentage increase since mid-October. Gold reached an all-time high of $2,185.19 after a report showed a rise in the U.S. unemployment rate and a moderation in wage gains despite job growth acceleration in February. “We still believe…
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At 09:45 ET (14:45 GMT), the Dow Jones Industrial Average climbed 140 points, or 0.4%, the S&P 500 rose 30 points, or 0.6%, and the NASDAQ Composite gained 140 points, or 0.9%. Powell testimony in focus Federal Reserve Chair Jerome Powell said in prepared remarks ahead of his testimony that the central bank expects to reduce its benchmark interest rate later this year. Powell noted that inflation had “eased substantially” since hitting 40-year highs in 2022, but that policymakers still needed “greater confidence” in its continued decline before cutting rates. Powell said that the Fed’s recent tightening cycle is “likely” at…