Gold prices under pressure with Powell speech in focus
Investing.com-- Gold prices moved little in Asian trade on Wednesday, but were nursing steep losses over the past two sessions as hawkish comments from Federal Reserve officials saw traders reconsider expectations for more interest rate hikes.
This dented the outlook for gold, given that higher rates diminish the opportunity cost of investing in the yellow metal.twice this week, once on Wednesday and once on Thursday. Any more comments on the U.S. economy and monetary policy will be squarely in focus, especially following a softer-than-expected nonfarm payrolls reading for October.
Even if the Fed pauses, it is only expected to begin trimming rates by mid-2024, limiting any major near-term gains in gold.
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