Gold and silver are trading higher amid rate cut hopes following recent comments from Fed Chair Powell.
Portfolio Pulse from Benzinga Newsdesk
Gold and silver are trading higher amid rate cut hopes following recent comments from Fed Chair Powell.

July 16, 2024 | 3:18 pm
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POSITIVE IMPACT
The SPDR Gold Trust (GLD) is likely to see a short-term price increase as gold prices rise due to rate cut hopes following Fed Chair Powell's comments.
Gold prices typically rise when there are expectations of rate cuts, as lower interest rates reduce the opportunity cost of holding non-yielding assets like gold. Fed Chair Powell's comments have fueled these expectations, leading to a rise in gold prices and consequently, GLD.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The iShares Silver Trust (SLV) is likely to see a short-term price increase as silver prices rise due to rate cut hopes following Fed Chair Powell's comments.
Silver prices often move in tandem with gold prices, especially when driven by macroeconomic factors like interest rate expectations. Fed Chair Powell's comments have led to increased hopes of rate cuts, boosting silver prices and consequently, SLV.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100