Gold hits new record high amid rate-cut expectations from Fed

Gold exceeds $4,630, up 1%; silver prices also up 3.1% to $89.5

By Gokhan Ergocun

ISTANBUL (AA) - Gold prices hit record high on Wednesday as expectations increased for the potential rate cut from the US Fed.

Gold rose around 1% as of 0630GMT Monday to a record high of $4,633 an ounce, hitting historical high point.

During the last 12 monhts, gold prices soared around 70.7% amid trade and geopolitical tensions, and central bank rate cuts.

Silver also rallied 3.1% to $89.53 per ounce on Wednesday. In the last 12 months, silver surged by over 180%.

On Tuesday, the US consumer price index (CPI) rose 0.3% monthly and 2.7% annually in December, in line with expectations.

Followed the official inflation figures, US President Donald Trump said Fed Chair Jerome Powell should lower interest rates "meaningfully."

Trump slammed Powell as either “incompetent” or “crooked".

Powell’s term as Fed chair is set to end this May.

Kaynak:

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