As of 5:30 PM EDT, gold futures for the most active April 2024 contract were fixed at $2,394.40, up $17.80 or 0.75%. Spot gold also rallied, currently trading at $2,378.76 after gaining $17.69 or 0.75% on the day.

Gold futures declined today after Chairman Powell spoke about a change regarding interest rate cuts this year saying that the fight to tame inflation has appeared to have stalled.

Gold futures surged higher today, with the most active June contract reaching an intraday peak of $2,414.80 and settling at $2,407.80 in New York trading. As of 5:11 PM EDT, gold futures are trading on Globex at $2,399.50.