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Reading: Gold hovers near 3-week low as traders await Powell’s remarks
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24x7Report > Blog > Finance > Gold hovers near 3-week low as traders await Powell’s remarks
Finance

Gold hovers near 3-week low as traders await Powell’s remarks

Last updated: 2023/11/09 at 9:23 AM
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Gold hovers near 3-week low as traders await Powell's remarks
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By Brijesh Patel

(Reuters) – Gold costs lingered close to three-week lows on Thursday as safe-haven demand spurred by the Center East battle slowed, whereas traders awaited feedback from U.S. Federal Reserve Chair Jerome Powell for extra clues on rates of interest.

Spot gold was regular at $1,948.94 per ounce by 0758 GMT after hitting its lowest since Oct. 19 on Wednesday. U.S. gold futures fell 0.2% to $1,954.30.

“Following a robust rally in gold, some unwinding in earlier bullish positions appears to be enjoying out recently, as market contributors worth out the dangers of a wider battle within the Center East, whereas improved threat setting stored safe-haven flows at bay,” IG market strategist Yeap Jun Rong mentioned. [MKTS/GLOB]

Gold costs rose above the important thing $2,000-per-ounce stage final week after escalating tensions within the Center East lifted demand.

A slew of Fed officers who spoke this week maintained a balanced tone on the U.S. central financial institution’s subsequent choice, however famous that they’d give attention to financial information and the influence of upper long-term bond yields.

Powell didn’t touch upon financial coverage or the financial outlook in ready remarks at a convention on Wednesday. He’s scheduled to talk at one other convention later within the day.

“He’ll (Powell) most likely attempt to preserve the higher-for-longer narrative as a result of it is not inside their curiosity to confess to markets that cuts may be coming,” Metropolis Index senior analyst Matt Simpson mentioned.

“Gold would have the potential to retest and break above $2,000, however now just isn’t the time.”

See also  Countries repatriate gold after sanctions against Russia

Futures level to a roughly 14% likelihood of one other hike by January, however are pricing in an 18% likelihood that charge cuts might come as early as March, based on the CME FedWatch Device.

Decrease rates of interest enhance the enchantment of zero-yield bullion.

Spot silver fell 0.3% to $22.45 per ounce, whereas platinum gained 0.4% to $869.60.

Palladium slipped 0.2% to $1,047.88, hovering close to its lowest stage since 2018.

(Reporting by Brijesh Patel and Anjana Anil in Bengaluru; Enhancing by Subhranshu Sahu and Sherry Jacob-Phillips)

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TAGGED: 3week, await, Gold, hovers, Powells, remarks, traders

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