Not Strong To Rise, Gold Declares Again - Kakiforex.com - Financial Market Media No. 1 in the World Not Strong To Rise, Gold Declares Again Not Strong To Rise, Gold Declares Again

June 22, 2021

Not Strong To Rise, Gold Declares Again

 Gold prices changed little on Tuesday as investors turned their attention to Federal Reserve (Fed) Chairman Jerome Powell’s testimony early Wednesday morning.


Spot gold traded lower around $ 1,781 an ounce at the start of the European session, having risen on Monday following a decline in 10 -year U.S. bond yields.


However, the decline did not last long, after the benchmark bond yields again displayed gains today, with the rise approaching the 1.5%level.



Jerome Powell in a written speech prepared for his testimony before the Subcommittee on the Coronavirus Crisis, said that the economy continues to show a steady improvement from the effects of the Covid-19 pandemic, with increases in the job market and inflation.


However, according to Powell, inflation should return toward the Fed's 2% target once the supply imbalance is resolved.


Investors will follow the hearing for potential questions that will provide a more in-depth explanation of their views on the pace of economic recovery and the outlook for monetary policy.