Gold extends rally to record as Powell hints at rate cut in 2024
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Gold prices surged to a record high, reaching US$2,161.09 per ounce, as Powell indicated potential rate cuts in the coming months. The rally was also influenced by sluggish US economic data and falling inflation. Lower rates boost the appeal of non-yielding bullion. If labor market or inflation data shows weakness, US$2,300 would be the short-term target. Central bank buying is expected to continue due to geopolitical uncertainty, and gold is seen as a safe investment. Spot silver fell 0.4% to US$24.08, platinum dipped 0.3% to US$904.83 per ounce, and palladium slipped 1.5% to US$1,026.80 after a surge of over 12% in the last session.

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