Grim statement of the Fed’s Chairman drive the gold up
Gold prices jumped up on May 14 in early Asian trading. Traders went after the precious metal after a pessimistic statement of Jerome Powell - the Chairman of the Federal Reserve.
By 05:08 GMT Gold futures gained 0.28% and stood at US$1721.25.
Powell made some pessimistic remarks about the economy’s future on a streaming event. He claims, that the United States are headed for the worst recession in post-war history.
Meanwhile, stocks continued to go down. Investors are awaiting new initial jobless claims data, scheduled to be published later today. At the moment over 31 million US citizens have been laid off since the start of the crisis.