Gold, traditionally perceived as a haven, has climbed roughly 30% this year, outperforming the benchmark S&P 500 index’s 20% gain.
Fresh consumer confidence data on Tuesday indicated that Americans are feeling pessimistic about the US economy and future of the job market.
JPMorgan Chase researchers said in a note on Monday that they expect the yellow metal to continue running toward their 2025 target price of $2,850 an ounce as the Fed brings down rates.
Silver, another precious metal that tends to move in tandem with gold, has jumped roughly 34% this year, outperforming the yellow metal.
New moves from China to revive its economy also has the potential to lift precious metals, said Rhind.
Persons:
Jerome Powell, ”, Kristina Hooper, JPMorgan Chase, “ There’s, Will Rhind, Rhind
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New, New York CNN, Federal Reserve, Traders, JPMorgan, Treasury, GraniteShares, Citi
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New York, China, Turkey, India, China’s