Gold price rises to 5-month high amid upbeating market

Gold price was struggling in the $1,700 pricing for nearly 3 months. However, Jerome Powell, Chairman of the US Federal Reserve, stated that the central bank might pull back on the pace of its aggressive rate hikes in the December. Therefore, gold and other valuable materials started to break free from their stagnant pricing. 

Gold rises above $1,800 an ounce hitting a 5-month high

Gold has risen after Jerome Powell stated yesterday that they could slow down the rate hike. U.S. dollar fell after Powell's tightening policy left the door open to a slowdown and investors turned to alternative assets. The decline in the dollar supported gold.

The spot price of gold, was at $1,814.00 an ounce by 5:37 pm ET. Spot gold’s price was struggling between $1,750 before these news. By this rise, gold has successfully hit 5-month high. 

“After months and months of trading sideways and in the red, it looks like we’re suddenly off to the races on gold and silver,” said Phillip Streible, the chief market strategist at Blue Line Futures. “The word on the street is ‘buy precious metals at all cost’ because the Fed’s finally going to do the pivot. " he added.