Gold And Silver Moving Higher On Interest Rate News

GOLD

Gold rallied over $20 this morning based on the latest speech from Federal Reserve Chair Jerome Powell. The Fed chairman hopes that the next interest-rate move will be a cut, even if the timing remains uncertain. Tuesday night Powell said efforts to reduce price pressures had gone well, putting the United States on a ‘deflationary path.’ However, he said the Fed needs more proof. At present the markets think the central bank will have seen enough by September to start cutting rates but it’s far from sure.

At 11am PT today, Gold is trading at $2,358, up $34 per ounce on low volume

SILVER

Silver rallied today at a faster pace than Gold, moving up over a $1.00 on light holiday trading volume. Silver reached a high of $30.72 per ounce today before seeing some light short-term profit-taking.

At 11am today, Silver is up $1.14 per ounce, at $30.50 on low volume.