Silver accosts 14 year high on higher rate cut hopes
Precious metals were further supported by political uncertainties Dr. Renisha Chainani, Head- Research, Augmont released the report for the Week [18 August to 22 August] & said, gold gained positive traction and surged beyond $3400 to close the week up 1% on a solid foundation. With a 3% gain, silver outperformed its golden counterpart, causing prices to rise above the psychologically significant $39 mark. In contrast to isolated volatility, this convergence points to continuous momentum. Markets were expecting a dovish tone from Federal Reserve Chairman Jerome Powell's much-anticipated speech at the Jackson Hole Economic Symposium, which caused major swings in the currency and commodity markets. Powell gave traders the security they needed about the direction of the Federal Reserve's monetary policy with his well-chosen wording, especially by indicating that interest rate cuts are probably going to start next month. Powell has hinted at a rat...