Gold firms as focus shifts to US Fed’s Powell speech

Gold prices stabilized today, Tuesday, with cautious dealers focusing largely on the upcoming speech of Federal Reserve Chairman (US Central Bank) Jerome Powell, seeking indications of the path of raising US interest rates.

By 0333 GMT, spot gold prices settled at $1872.79 an ounce, while US gold futures prices settled at $1887.70 an ounce.

According to Reuters, investors will focus on Powell’s speech at a Fed conference later on Tuesday. Market participants will also be watching the US Consumer Price Index on Tuesday for more clues on the central bank’s monetary policy.

As for other precious metals, silver fell 0.2 percent to $23.59 an ounce, and platinum rose 0.2 percent to $1,080.91 an ounce. Platinum rose 0.3 percent to $ 1,781.14 an ounce.