Reported about 3 hours ago
Gold prices surged to a new record as traders reacted to China's initiative to become a keeper of foreign sovereign gold reserves, potentially impacting the global bullion market. The People's Bank of China is encouraging central banks from allied nations to acquire and store gold domestically, signaling a shift in gold's role amid relaxed import restrictions. Concurrently, traders await insights from Federal Reserve Chair Jerome Powell on future monetary policies, as expectations for rate cuts drive increased investments in gold ETFs. Overall, gold continues to perform strongly in the commodities market amidst easing monetary policy and geopolitical uncertainties.
Source: YAHOO