Producers of metals and other raw materials rose alongside precious metals amid rate bets.
Gold futures rose 0.25% to $2626.50 an ounce, a record high, as traders digested weighed tensions in the Middle East and Federal Reserve official's comments, hinting at an extended cycle of U.S. rate cuts. Interest rates would need to keep coming down for the economy to nail a soft landing, Chicago Federal Reserve President Austan Goolsbee told state treasurers. In the wake of the statement, the U.S. dollar lingered around multiyear lows against a basket of rivals.
The British pound sterling has made gains since the Bank of England demurred on further rate cuts at its latest meeting.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
September 23, 2024 17:50 ET (21:50 GMT)
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