Global Gold Prices Rise - Jordan News
Gold prices edged higher on Thursday, supported by a weaker U.S. dollar and growing uncertainty following reports that former President Donald Trump may consider replacing Federal Reserve Chairman Jerome Powell as early as September or October. اضافة اعلان The reports raised concerns about the future independence of the U.S. central bank, boosting demand for gold bullion as a safe haven. Spot gold rose 0.2% to $3,339.20 per ounce as of 02:42 GMT, while U.S. gold futures climbed 0.3% to $3,353.10. The dollar fell to its lowest level since March 2022, making dollar-denominated gold cheaper for foreign buyers. Speaking before a Senate committee on Wednesday, Powell said that although Trump's tariffs could cause a temporary spike in prices, the risk of sustained inflation is high enough to keep the central bank cautious about further interest rate cuts. Tim Waterer, chief market analyst at KCM Trade, noted: 'Trump clearly wants a more accommodative Fed Chair next time, so the growing likelihood of an aggressive rate-cutting cycle is weighing on the U.S. dollar.' Gold tends to perform well during periods of uncertainty and in low interest rate environments. On Wednesday, Trump described Powell as 'very bad' and said he was considering three or four candidates to lead the Federal Reserve. Meanwhile, The Wall Street Journal reported that Trump had considered announcing Powell's potential successor by September or October. Markets are now awaiting the release of U.S. GDP data later today, with personal consumption expenditures (PCE) data due on Friday. 'Gold is holding steady for now as we await the next batch of U.S. macroeconomic data, including GDP and core PCE,' Waterer added. A ceasefire between Israel and Iran appeared to be holding on Wednesday. At the NATO summit, Trump praised the quick end to the 12-day conflict and said he would seek a commitment from Iran to end its nuclear ambitions in next week's talks.
Spot silver rose 0.2% to $36.36 per ounce, platinum jumped 2.3% to $1,385.38, and palladium surged 5.5% to $1,115.58. (Agencies)
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