Precious metals surge as Powell boosts rate cut hopes

Wednesday, 10. July 2019 22:48

Precious metals extended gains on Wednesday on the back of Federal Reserve Chairman Jerome Powell strongly hinting at a potential rate cut later this month. His comments led to a frenzy on Wall Street, where the S&P 500 briefly broke the 3,000 point mark.

"Many FOMC participants saw that the case for a somewhat more accommodative monetary policy had strengthened. Since then, based on incoming data and other developments, it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the US economic outlook," Powell told House lawmakers.

Gold soared 1.43% to $1,417.47 per ounce at 4:26 pm ET, while silver advanced 0.82% to $15.24 per ounce. At the same time, palladium surged 2.45% to $1,587.94 per ounce as platinum jumped 1.78% to $826.56.

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Author:
Breaking the News / JC