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Gold extended its run-up into record territory Wednesday after Federal Reserve Chair Jerome Powell reiterated it likely will be appropriate to begin lowering interest rates "at some point this year," as recent higher than expected inflation readings do not materially change the overall picture of economic policy this year.
While Powell pointed to the Fed's wait-and-see approach, the central bank's unchanged rate-cutting path is "very gold positive as it suggests that the Fed will cut significantly before the inflation target is reached," TD Securities global head of commodity strategy Bart Melek said.
Front-month Comex gold (XAUUSD:CUR) for April delivery closed +1.5% to $2,294.40/oz, another record high and its seventh consecutive gaily gain, while front-month April Comex silver (XAGUSD:CUR) finished +4.4% to $26.945/oz, a fifth straight gain and highest settlement value since June 16, 2021.
ETFs: (NYSEARCA:GLD), (NYSEARCA:GDX), (GDXJ), (IAU), (NUGT), (PHYS), (GLDM), (AAAU), (SGOL), (BAR), (OUNZ), (SLV), (PSLV), (SLVP), (SIVR), (SIL), (SILJ)
Mining stocks posting new 52-week highs today include Agnico Eagle Mines (AEM), Coeur Mining (CDE), Eldorado Gold (EGO), Fortuna Silver Mines (FSM), Freeport McMoRan (FCX), Gatos Silver (GATO), Harmony Gold (HMY), Hudbay Minerals (HBM), Kinross Gold (KGC), McEwen Mining (MUX), Seabridge Gold (SA), Southern Copper (SCCO).
Gold has gained more than 11% so far this year, helped by strong central bank buying and safe-haven demand, while silver has added 13% YTD.