Gold Hits Record $2,300 Level After Fed Suggests Interest-Rate Cuts

After U.S. Federal Reserve Chairman Jerome Powell suggested the company would start cutting costs this year, a trend that is usually favorable for the metal, gold costs hit a record high on Thursday.
On April 4, place gold prices broke new records in early industry, surpassing the$ 2,300 per ounce mark. Since March 25, gold prices have increased for seven consecutive weeks. On Thursday, spot gold was trading at$ 2, 291 per oz. as of 12: 30 p. m. EST, up 5.89 percentage from$ 2, 163.50 on March 25. The record high in gold costs was set when Mr. Powell said there would be no more rate increases and that the company would begin cutting rates this month, as many investors had predicted.

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