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Gold resumed its rally to hit another record on Tuesday ahead of a speech by Federal Reserve Chair Jerome Powell that would shed clarity on potential interest rate cuts this coming month.
The latest rally takes bullion’s gain this year to more than 22%, as investors grow more confident of a Fed rate cut starting in September. This Friday, Powell will speak at the annual Jackson Hole symposium in Wyoming, which will paint a clearer picture of the central bank’s plans.
Gold’s rally has also been supported by robust purchasing by central banks as well as haven demand amid ongoing conflicts in the Middle East and Ukraine. There’s also been healthy buying of physical bars in the over-the-counter market.
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