Gold prices scaled a more than one-week peak on Thursday, as the dollar slipped after dovish remarks from the U.S. Federal Reserve Chairman Jerome Powell boosted the case for an interest rate cut later this month.
Spot gold was up 0.4% at $1,424.21 per ounce as of 0337 GMT, after earlier hitting its highest since July 3 at $1,426.
U.S. gold futures jumped 1% to $1,424.36.
“Last night’s move from the Fed is pretty convincing that they are going towards more of a risk management overview policy which is dovish,” said Stephen Innes, managing partner at Vanguard Markets, adding “also dollar trading lower is a huge support for gold
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