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Ahead of Powell's speech, Gold holds steady

Category: Economy

Date: 2020-08-25T08:38:51+0000
Ahead of Powell's speech, Gold holds steady

Shafaq News/ Gold held steady on Tuesday as a softer dollar offset pressure from an equity rally while investors stayed away from taking big positions ahead of U.S. Federal Reserve Chair Jerome Powell’s speech later this week.

Spot gold was flat at $1,931.97 per ounce by 0649 GMT. U.S. gold futures were steady at $1,938.80.

Powell will discuss the Fed’s monetary policy framework review on the opening day of the Kansas City Fed’s annual central banking conference on Thursday, in a virtual and public format because of COVID-19 pandemic.

The central bank has rolled out a wave of fiscal and monetary stimulus measures and cut interest rates to near zero to combat the economic toll caused by the pandemic, helping gold climb nearly 28% this year.

The dollar index fell 0.1% against its rivals on Tuesday.

Limiting gold’s appeal, Asian stock markets rose as investors cheered signs of progress in U.S.-China trade negotiations and following a Wall Street rally.

Elsewhere, silver was steady at $26.55 per ounce, platinum rose 1% to $924.97, and palladium edged 0.1% higher to $2,161.44.


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