Gold prices rose on Tuesday after statements by the head of the US Federal Reserve Jerome Powell, which reinforced expectations of an interest rate cut in September. Investors are also waiting for new economic data from the United States for further signals on monetary policy.
The spot price of gold rose 0.7% to $2,439.99 per ounce by 10:30 GMT. This is just slightly below the record value reached on May 20. Gold hit several new highs in April and May, and then retreated in June when forecasts for lower U.S. interest rates were postponed and physical demand began to decline due to high prices. In July, optimism about a rate cut in September raised prices again.
Oil prices, in turn, declined due to concerns about a slowdown in economic growth in China, which could negatively affect demand, despite growing expectations that the US Federal Reserve may begin to reduce its key interest rate.
West Texas Intermediate (WTI) crude oil fell 76 cents, or 0.93%, and is testing a significant support level around the $80.50 mark. To determine the prospects, it is necessary to observe the development of market movements around this zone.