Gold settles above $1,900 first time in 2 weeks as dollar, yields cool
Investing.com -- Gold prices hit 2-week highs and settled above the key $1,900 an ounce level Wednesday as the dollar and Treasury yields retreated from recent highs ahead of Federal Reserve Chair Jay Powell’s speech later in the week at the central bank’s annual policy event in Jackson Hole, Wyoming.’s rally paused at two-month highs, while Treasury yields fell slightly after reaching over 20-year peaks as market makers awaited Powell’s speech on Friday.
This allowed spot prices to re-enter the $1,900 berth, although the outlook for the yellow metal still remained dull — or, at best, uncertain — amid concerns over higher U.S. interest rates.on New York’s Comex settled at $1,948.10 per ounce, up $22.10, or 1.1%, on the day. It hit a two-week high of $1,949.65 earlier and was up 1.6% week-to-date, after four previous weeks of declines that led to a net loss of 4%.
Any signals on higher U.S. rates are likely to spark more losses in gold, given that rising rates push up the opportunity cost of investing in the yellow metal. This trade had battered gold over the past year, with the metal coming under renewed pressure in August after data showed U.S. inflation remained sticky in July.
Despite a recovery this week, gold prices were still trading close to five-month lows, with a recovery in the yellow metal expected to be short-lived as U.S. rates remain higher for longer.Among industrial metals, copper prices also benefited from weakness in the dollar, withBusiness activity in the
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