empty
 
 

2021.02.2408:57:00UTC+00Gold Holds Steady As Powell Reaffirms Support

Gold prices held steady on Wednesday, a day after Federal Reserve Chairman Jerome Powell assured investors the central bank was a long way from scaling back its support to the world's largest economy.

Spot gold held steady at $1,804.92, after having hit its highest since Feb. 16 at $1,815.63 on Tuesday. U.S. gold futures were marginally lower at $1,804.20.

Powell in his testimony before the U.S. Senate Banking Committee on Tuesday pushed back on suggestions that loose monetary policy risked unleashing inflation and financial risks in what may be an emerging economic boom.

The U.S. economy was "a long way from our employment and inflation goals, and it is likely to take some time for substantial further progress to be achieved," Powell said.

Powell will have another opportunity to address several issues such as interest rates, job losses and stimulus during his second day of testimony in Congress later today.

The dollar eased against rivals in European trade on improved risk appetite, while the 10-year U.S. Treasury yield edged back down below its recent one-year high.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback