WASHINGTON (dpa-AFX) - Gold inched higher to hit a record high on Tuesday as markets looked ahead to the minutes of the Fed's July policy meeting due on Wednesday, and Chair Jerome Powell's speech on the U.S. economic outlook this Friday at the Jackson Hole symposium for indications on how much the central bank will cut interest rates this year.
Spot gold jumped 0.7 percent to $2,521.85 per ounce, while U.S. gold futures were up 0.8 percent at $2,561.25.
The dollar hovered near a seven-month low amid bets the Federal Reserve will cut interest rates next month after inflation finally dropped below 3 percent.
Minneapolis Fed President Neel Kashkari said in an interview to the Wall Street Journal that he would be open to lowering interest rates in September because of the rising possibility of a weakening labor market.
Sweden's central bank, the Riksbank, lowered its policy rate for the second time this year today, and indicated that more cuts could be forthcoming if the inflation outlook remains the same.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
