The Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Gold futures surged higher today, with the most active June contract reaching an intraday peak of $2,414.80 and settling at $2,407.80 in New York trading. As of 5:11 PM EDT, gold futures are trading on Globex at $2,399.50. The recent rally has been fueled by escalating inflationary pressures, heightened geopolitical tensions, and lackluster performance in Chinese property and equity markets.
Investors ignored Federal Reserve Chairman Jerome Powell's comments suggesting that higher inflation may necessitate maintaining current interest rate levels for an extended period. During an event at the Wilson Center in Washington, Powell stated,"The recent data have clearly not given us greater confidence, and instead indicate that it's likely to take longer than expected to achieve that confidence.
has been a technical market analyst for 25 years. A frequent contributor to STOCKS & COMMODITIES Magazine, he has also written for Futures Magazine as well as Barrons. He is the executive producer of"The Gold Forecast," a daily video newsletter.
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