Grapevine

By News 24
Jul 26, 2024

Gold nears record high as 'Trump trade' stings other assets

Federal Reserve chair Jerome Powell said at an event on Monday that recent inflation data bolstered policymakers' confidence that price pressures are on a sustainable path lower.

Markets took this as another signal the first US rate cut may not be far off, but investors were more preoccupied by the fallout from the attempted assassination on Saturday of former US President Trump, who nominated J.D. Vance on Monday as his vice presidential running mate.

Gold rose 0.7% to $2 440 an ounce, nearing a record high. Bloomberg previously reported that safe-haven assets like gold were likely to benefit from anxiety in the markets.

The rand traded at R18.13/$ from around R18.21 at the start of the session.