The price of gold rises with a Powell tip to reduce the interest in September

The price of gold has risen with the fall of the dollar after the Federal Reserve chairman, Jerome Powell, opened and warned the door after a possible cut in interest rates in September, indicating that the labor market is facing, despite constant concerns about inflation. “Stability of the unemployment rate and other labor market indicators enables us to continue with caution by looking at any changes in our position regarding monetary policy. The presence of monetary policy in limited position, together with basic expectations and changing the balance of risk, may compensate this position,” Powell said in a speech during the annual US Central Bank Conference in Jackson Hall, Wyoming. Increased interest reducing bets, traders strengthened their bets on the US central lower interest rates next month after Powell’s speech. Gold prices rose 1.1%. Gold usually benefits in the low interest rate environment. Gold pricing recovery “With increasing expectations by lowering US interest rates to the speech, gold could be about to take up a new standard,” according to Iowa Mansathi, a commodity expert in the Ing group. “The only factor absent to revive this recovery we saw earlier this year,” the Federal Reserve speech said. The forecast for reducing borrowing costs, together with geopolitical tension and the purchase of central banks, increased the price of gold in April to a record level, and still by more than 28% high. The precious metal has moved in a narrow series over the past few months, although market monitors, including the UBS Wealth Unit, expected more height. Gold rose 1% to $ 3,375,35 per gram in New York at 11:03 p.m., while the Bloomberg index dropped from immediate dollars.