Gold eases from record high; key US data in focus
February 13, 2025 00:00:00
Gold prices eased from record highs on Wednesday after Federal Reserve Chair Jerome Powell indicated he was in no rush to cut interest rates, while the focus shifted to US inflation data and trade tariffs, reports Reuters.
Spot gold eased 0.5 per cent to $2,884.51 per ounce by 1137 GMT. Prices climbed to a record high of $2,942.70 on Tuesday amid fears of a global trade war spurred by US President Donald Trump's fresh tariffs and threats of more duties.
"Powell's comments might have taken a little steam out of the market today. I would not say they're hugely negative. But gold is still being driven by the broader uncertainty," said Nitesh Shah, commodities strategist at WisdomTree.