The Dow Jones reacted positively as Powell signaled a 0.50% rate hike in December and turned positive in afternoon trading. Read More...
Reuters
Gold pares gains as U.S. yields climb; focus on Powell speech
Gold prices pared gains on Wednesday due to an uptick in U.S. bond yields ahead a much-awaited speech from Federal Reserve Chair Jerome Powell, although a weaker dollar kept bullion on track for its best month since May 2021. U.S. gold futures edged 0.2% higher to $1,766.40. Ryan McKay, commodity strategist at TD Securities, said the brokerage is seeing a lower dollar and markets are now pricing in just about a 50-basis-point hike from the Fed in the next meeting.
