Gold Prices Rise on Hopes for Fed Rate Cut in June
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Gold prices reached a record high of $2,222 per ounce before stabilizing around $2,203 per ounce. The US stock market indices rose to record highs after the Federal Reserve indicated it is likely to implement rate cuts. The S&P 500 index jumped 0.9% to 5,224.62 points, the Dow Jones Industrial Average rose 1% to 39,512.13 points, and the Nasdaq Composite Index rose 1.3% to 16,369.41 points. The fear in Wall Street markets was that the US Federal Reserve might cut the number of expected rate cuts due to higher-than-expected inflation. However, Federal Reserve Chairman Jerome Powell stated that inflation is moving down gradually and expects a rate cut sometime this year. The Federal Reserve officials updated their expectations for US economic growth this year and may keep the main interest r...
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