Gold prices remained firmly above the $2,500 mark as the week drew to a close, buoyed by dovish signals from Federal Reserve Chair Jerome Powell. In his speech at the Jackson Hole Central Bank Symposium, Powell indicated that the Fed is poised to begin easing interest rates. He noted that while the risk of inflation has lessened, concerns about the labor market have increased. This shift in tone from the Fed has provided support for precious metals, with gold finishing the week on a strong note.
In addition to gold’s performance, the mining sector saw notable developments. Lucara Diamond Corp made headlines with the recovery of what is reported to be one of the largest rough diamonds ever unearthed.
The news, covered by major publications such as the New York Times and Bloomberg, drove Lucara’s stock up by 50% for the week. This significant find has captured the market’s attention and boosted investor sentiment in the mining sector.
