"Gold Surges to New Heights Following Powell's Rate Cut Path"

Gold prices surged to a record high after Federal Reserve Chair Jerome Powell indicated that recent economic data does not significantly alter the overall economic policy outlook for the year, with spot gold reaching $2,292.31 per ounce and U.S. gold futures settling 1.5% higher at $2,315. Powell's remarks, emphasizing a potential lower policy interest rate later in the year, have fueled expectations of a first rate cut at the Fed's June meeting, despite stronger recent economic data. Silver also rose to its highest level in over two years, while platinum and palladium saw gains as well.