Gold hits record high after Powell speaks
Gold futures climbed to a record high on Friday after a report that the United States had imposed tariffs on imports of 1-kg gold bars, while spot gold stayed on track for a second straight weekly gain on tariff turmoil and U.S. interest rate-cut hopes.
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Gold prices hit record highs Tuesday after Federal Reserve Chair Jerome Powell raised concern over the state of the U.S. economy.
Spot gold climbed 0.9% to 3,778.54 per ounce. Gold futures for December delivery scaled 1% to $3,811.30 per ounce.
“Near-term risks to inflation are tilted to the upside and risks to employment to the downside — a challenging situation,” Powell said at the Greater Providence Chamber of Commerce 2025 Economic Outlook Luncheon . “Two-sided risks mean that there is no risk-free path.”