# Gold gains over 1% as Powell comments hint at September rate cut

> Federal Reserve Chair Jerome Powell said at Jackson Hole that the time has come for the central bank to cut interest rates. The dollar index fell 0.8% against its rivals and US 10-year yields declined after the speech. Gold rose more than 1% as the move made the metal more attractive to holders of other currencies.

- Date: 2024-08-23 · published 2024-08-23T12:00:00.000Z
- Category: macro · region US · magnitude medium
- Page: https://feedsoft.ai/events/28687-gold-gains-over-1-as-powell-comments-hint-at-september-rate-cut
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

A signal of imminent US rate cuts weakens the dollar and lowers yields, which tends to support dollar-priced commodities and lift demand for hard assets.

## Read by commodity

- DXY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2025-08-22 | [US stocks jump as Powell hints at possible September rate cut — TradingView News](https://feedsoft.ai/events/23252-us-stocks-jump-as-powell-hints-at-possible-september-rate-cut-tradingview-news.md) | -0.7% | -1.1% |
| DXY | 2024-10-11 | [Gold extends gains over 1% as US PPI data solidifies rate cut hopes](https://feedsoft.ai/events/27756-gold-extends-gains-over-1-as-us-ppi-data-solidifies-rate-cut-hopes.md) | +0.7% | +2.0% |
| DXY | 2025-08-22 | [Commodity Prices Surge As Powell Signals September Fed Rate Cut \| FXEmpire](https://feedsoft.ai/events/23247-commodity-prices-surge-as-powell-signals-september-fed-rate-cut-fxempire.md) | -0.7% | -1.1% |
| DXY | 2019-08-02 | [Dollar weakens as September rate cut bets mount](https://feedsoft.ai/events/57761-dollar-weakens-as-september-rate-cut-bets-mount.md) | +0.4% | +1.7% |
| DXY | 2019-10-31 | [Gold gains as dollar weakens after Fed's interest rate cut](https://feedsoft.ai/events/56483-gold-gains-as-dollar-weakens-after-fed-s-interest-rate-cut.md) | -0.1% | +0.8% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/gold-faces-weekly-fall-feds-powell-grabs-limelight-2024-08-23/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.