Gold Prices Hit New High After Fed’s Comments on Inflation
Gold touched a new all-time high on Monday, lifted by Jerome Powell's remarks that current interest rate levels are keeping inflation under control.
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Gold rose 1% to the highest point in over two weeks after the Fed's preferred inflation gauge came in softer than expected.
Gold touched a new all-time high on Monday, lifted by Jerome Powell's remarks that current interest rate levels are keeping inflation under control.
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Gold prices fell to a fresh 7-month low on Tuesday as the US dollar continues to gain.
The correlation of Bitcoin with gold, Nasdaq Composite, and S&P 500 currently stands at -0.02, -0.06, and 0.18, respectively.
China's central bank continued to pile up its gold holdings for a fifth consecutive month, adding an additional 18 tons in March.
Bitcoin's correlation with gold is strengthening as it decouples from US stocks.
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Russia and Iran are holding talks to roll out a gold-backed stablecoin that would be used as means of payment in foreign trade.