Gold prices slipped further Wednesday as traders waited to hear from Federal Reserve Chairman Jerome Powell, who will present two days of semi-annual testimony to Congress after the central bank held its policy interest rate steady last week but signaled there may be two more rate rises this year to lower U.S. inflation further.
Price action
-
Gold futures for August delivery
GC00,
-0.24% GCQ23,
-0.24%
were off by $1.70, or 0.1%, to $1,947 per ounce on Comex. -
Silver futures for July delivery
SI00,
-1.98% SIN23,
-1.98%
were down 10 cents, or 0.5%, at $23.20 per ounce. -
Palladium futures for September delivery
PAU23,
-1.28%
were off by $20, or 1.5%, to $1,359 per ounce, while platinum futures for July
PLN23,
-1.85%
shed $10.40, or 1.1%, to $957 per ounce. -
July copper
HGN23,
+0.99%
was off by 3 cents, or 0.9%, to $3.85 per pound.
Market drivers
Last week, the Fed chief intimated that the central bank would likely authorize two more interest-rate hikes later this year. Similarly, hawkish comments from the Fed chair this week could boost the U.S. dollar at gold’s expense, some worried.
”The marketplace will be closely watching the testimony for any fresh clues on the timing of any future U.S. interest rate increases, or how long the Fed might pause on raising rates,“ said Jim Wyckoff, senior analyst at Kitco.com.
Powell is set to begin speaking at 10 a.m. Eastern Time, with his prepared remarks expected beforehand.
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