Investing.com – It rose more than 1% to 2,257 an ounce, following comments from Federal Reserve Chairman Jerome Powell on Friday. The price of gold in futures contracts reached $2,277 per ounce, an increase of 1.75%.
Powell said that the Fed will not rush to raise rates. But he confirmed that inflation rates are declining and moving in the right direction that the Federal Reserve wants.
Read Powell’s full remarks:
Goldman Sachs (NYSE:) expects gold to reach the level of $2,300 by the end of this year in light of the turbulent global economic conditions.
On Friday, the Federal Reserve’s preferred indicator was 2.8%, in line with expectations.
Gold has enjoyed remarkable performance since the beginning of this year, closing the price of March with an increase of 9.29%. This is the largest monthly increase since October 2023.
Gold performance expectations during Monday’s trading:
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