Spot gold was little changed at $2 382.40 an ounce as of 1:53 p.m. in London, close to its all-time high of $2 431.52 reached on Friday.
Gold steadied near a record high, even as investors weighed a shift in messaging from Federal Reserve Chair Jerome Powell, who said the US central bank will likely keep rates on hold for longer than originally planned. The precious metal is up about 15% so far this year, with gains partially driven by haven demand as geopolitical tensions in the Middle East and Ukraine continue to escalate.
Powell’s comments caused Treasury yields and the dollar to jump, and spurred another collapse in market-implied expectations for Fed rate cuts this year. Higher borrowing costs and a stronger dollar are typically a negative for the non-yielding precious metal, yet gold remains in a weeks-long uptrend that has surprised some onlookers. Long-standing supports — including robust buying by central banks and increased demand from Chinese consumers — are also underpinning prices.
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