Precious Metals
Posted By OrePulse
Published: 24 Sep, 2024 11:37
Gold holds ground on dovish Fed-speak, Middle East concerns
Gold prices steadied on Tuesday after surging to a record high in the previous session, following broadly dovish comments from U.S. Federal Reserve officials and escalating tensions in the Middle East.
Spot gold was steady near $2,627.43 per ounce as of 0227 GMT. Bullion hit a record high of $2,635.29 on Monday.
U.S. gold futures were also nearly unchanged at $2,652.50.
"Gold prices continue to be well-supported amid a series of dovish Fed rhetoric overnight," said IG market strategist Yeap Jun Rong.
Fed policymakers on Monday said their large half-point rate cut last week was meant to try to sustain what they see as an emerging and healthy balance in the economy.
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