[ad_1]
© Reuters. By Barani Krishnan
Investing.com – Gold bulls pushed the yellow metal back into positive territory on Wednesday ahead of Federal Reserve Chairman Jay Powell’s monthly news conference following the interest rate decision.
it pulled out of losses in overnight Asian trading to end the New York session on Comex up $ 4.30, or 0.2%, at $ 1,970.50 an ounce. The gain put December gold ahead by nearly $ 23 or 1.2% for the week, after taking into account the gains of the previous two days as well. Wednesday’s session peak of $ 1,983.30 also marked a new two-week high for December gold.
The, reflecting live bullion trading, was up $ 6.36, or 0.3%, to $ 1,960.42 at 1:47 PM ET (17:47 GMT).
Powell is scheduled to appear at 2:30 p.m. ET (14:30 GMT), 30 minutes after the Fed released its September interest rate decision, to answer questions from journalists about the bank’s strategy. central six months after the coronavirus pandemic.
Since the August meeting of its Federal Open Market Committee, the Fed has gone from a targeted inflation target of 2% to an “average” inflation target of 20%, meaning it was willing to accept overshoots before returning. to raise rates.
For the record, Powell has said that the central bank was “not thinking of raising rates” until it got the Covid-19 crisis under control, meaning the prevailing 0-0.25 rate regime could be maintained for at least a year or more.
Fusion Media or anyone involved with Fusion Media will not accept any responsibility for loss or damage as a result of reliance on the information, including data, quotes, charts, and buy / sell signals contained on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.
[ad_2]
