Chair Jerome Powell dashes investors’ hopes of a near-term rate cut
Gold bars and other precious metals are pictured at the Agosi factory in the so-called ‘Gold City’ of Pforzheim, southwestern Germany. Picture: AFP/PATRICK HERTZOGGold on Thursday fell to its lowest in a little over one week, after comments from US Federal Reserve chair Jerome Powell dashed hopes of a near-term rate cut, boosting the dollar and treasury yields.
Powell’s view on inflation revived an ailing dollar on Wednesday and also prompted US Treasury yields higher. Meanwhile, Asian shares also adopted a wait-and-watch approach with major centres Japan and China shut for holidays.“Robust US economic releases have eased global growth concerns as equity markets rally above 2018 highs. Strong risk appetites remain a bane for the precious metal,” said Benjamin Lu, an analyst at Phillip Futures.
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