Gold prices did not change much after Fed Chairman Powell’s speech, while palladium remained close to record levels
Gold prices have not changed much since Fed President Jerome Powell recorded yesterday’s speech that the central bank is in no hurry to conduct a trial on policy changes. While Palladium moved up to a record high on Tuesday, platinum moved towards the largest monthly profit of over a year.
In a speech he made on the Senate Banking Committee on Tuesday, Powell said it was appropriate to have patience for future policy changes, along with weak inflationary pressures and uncertainty in government policy. Powell will hold his second half-year speech on monetary policy and the state of the economy on Wednesday at the House of Representatives committee.
Spot gold remained unchanged at $ 1,328.20 an ounce at 12:56 am Singapore time.
The metal went on to win the fifth month in a row, making the longest monthly rise series since 2017.
The Bloomberg Dollar Spot Index rose 0.1 percent after falling 0.3 percent on Tuesday.
Oanda Corp. in Singapore “Powell will come today to Capitol Hill again, but the prospects for a surprise are low,” said senior market analyst Jeffrey Halley.
Other precious metals, spot silver fell 0.3 percent to $ 15.8936 per ounce. Silver futures remained unchanged at $ 15,935. Platinum rose 0.5 percent to $ 865.35 per ounce, an increase of 0.5 percent since November 9 after the highest level since November 9. Palladium fell 0.8 percent to $ 1,567.44 on Tuesday after seeing the highest level of all-time.
Important events to follow the market as follows;
* US President Donald Trump will meet with North Korea Leader Kim Jong Un on Wednesday and will take two leaders and his dinner for dinner. Thus, Pyongyang’s nuclear weapons will be switched to the second round of talks.
* Goldman Sachs Group Inc. Chief economist Jan Hatzius says JPMorgan Chase & Co. has said that the global economy may have seen the bottom. CEO Jamie Dimon was more cautious and said his bank is preparing for a recession.
* Bloomberg Economics index, which brings together leading indicators on market confidence and business conditions, indicates that the Chinese economy is showing signs of a first recovery after months of slowdown.
* In the United States, the House of Representatives blocked the state of emergency of US President Donald Trump on US-Mexican border security and threw the majority in the Senate, which was formed by the Republicans, to support the President.