Ammon News - Gold prices rallied to an all-time high on Friday after remarks from Federal Reserve Chair Jerome Powell increased traders' confidence the U.S. central bank had completed its monetary policy tightening and could cut rates starting March.

Spot gold climbed 1.6% to $2,069.10 per ounce. Prices were 3.4% higher so far this week, and earlier rose to $2,075.09 per ounce to beat the previous all-time high of $2,072.49 scaled in 2020.

Powell said "the risks of under- and over-tightening are becoming more balanced," but the Fed is not thinking about lowering rates right now.


Reuters