Gold Shines After Powell Speech

By Frank Holmes of US Global Investors

Chief Executive Officer/Chief Investment Officer • Aug 30, 2018 at 7:50 PM EDT

Following the Jackson Hole Economic Symposium, gold surged above $1,200 an ounce and continues to experience gains this week. The yellow metal could rise even further due to the upcoming Indian wedding season.

Last week at the Jackson Hole Economic Symposium, Federal Reserve Chairman Jerome Powell reiterated the central bank’s commitment to raise interest rates gradually, with another rate hike expected in September. Following the meeting on Friday, gold surged above $1,200 an ounce and continues to experience gains this week. Frank explains how the yellow metal could rise even further due to the upcoming Indian wedding season, when gold gift-giving is considered auspicious. Historically, demand for gold jewelry rises leading up to fall holidays and celebrations in China and India, the world’s two largest consumers of gold.

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