Gold shines on dollar weakness, ahead of Fed Powell speech

Gold prices rose today, Wednesday, supported by the decline in the dollar, as investors focused largely on the speech of Federal Reserve Chairman Jerome Powell, seeking any indications on the path of monetary policy of the US Central Bank.

According to Reuters, gold rose in spot transactions by 0.2 percent to $1,752.95 an ounce at 0605 GMT. US gold futures rose 0.3 percent to $1,768.20.

The dollar index fell 0.2 percent, making bullion less expensive for holders of other currencies

All eyes are on Powell’s speech at the Brookings Institution, scheduled for 1830 GMT, for any fresh clues about the Fed’s plans to raise interest rates next year. Investors are also awaiting the US employment report, which will be released at 1315 GMT.

Edward Meer, an analyst at ED&F, said Powell’s speech is the main focus of the market

Among other precious metals, silver fell in spot transactions 0.1 percent to 21.23 dollars, platinum increased 0.5 percent to 1007.75 dollars, and palladium rose 1.2 percent to 1855.25 dollars.