Economic news

Gold prices lower ahead of Powell’s comments

Gold futures prices inched down on Wednesday as market participants were waiting for new comments on monetary policy outlook from Federal Reserve Chair Jerome Powell.

gold lower 0602Photo: Reuters

The world’s leading benchmark Comex Gold futures were at $1,313.70 per troy ounce, lowering by 0.21 percent at 15.11 GMT. Spot gold was traded on Wednesday at $1,313.21 per troy ounce, with 0.15 percent decline.

Market participants are waiting for Powell’s answer on monetary policy, because earlier it was signaled that U.S. central bank ended its 3-year tightening of monetary policy because of increasing pressure on U.S. economy.

The dollar index, measuring the greenback against a basket of six major currencies, was up 0.13 percent at 96.20. A comparatively stronger dollar can have negative impact for commodities priced in this currency, causing a more expensive price to users of other currencies.

For reference, silver futures dropped about 0.5 percent, to trade at $15.77 per troy ounce.

Palladium futures fell 0.4 percent to $1,376.

Platinum futures edged down by 0.12 percent to $815.00.

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