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Gold edged higher as traders digested Jerome Powell’s comments signaling that the Federal Reserve has no plans to lower interest rates in the near term.
Treasury yields climbed to fresh 2024 highs and the dollar rose after Powell’s comments, while bullion held modest gains. Earlier Tuesday, Fed Vice Chair Philip Jefferson said that while there has been considerable progress in slowing consumer price gains, the Fed’s task of sustainably restoring 2% inflation is “not yet done.” His San Francisco counterpart Mary Daly reiterated late Monday that there’s no urgency to adjust interest rates, pointing to solid economic growth, a strong labor market and still-elevated inflation.
Long-standing supports — including robust buying by central banks and increased demand from Chinese consumers — are also underpinning prices. on X from Krishan Gopaul, investment research analyst at the World Gold Council. Year-to-date purchases of nearly 19 tonnes now exceed its 2023 net purchases of 16 tonnes, he added.
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