Gold prices are trading higher in today’s Asian session above 2190 levels.
Worldwide, gold prices stabilised on Thursday as investors absorbed remarks from Federal Reserve Governor Christopher Waller regarding interest rate adjustments and awaited additional U.S. economic data for insights into policy direction.
According to commodity market analysts, gold prices have pulled back from recent peaks due to profit-taking. However, the precious metal still retains momentum and could potentially reach new record highs soon, fueled by expectations of further rate cuts by the US Federal Reserve.
Rate cuts typically imply looser monetary policy, leading to potential inflationary pressures, and gold is commonly viewed as a hedge against inflation.