The gold price slipped on Thursday, just below a four-week high blow in the previous session when the dollar was scratched in Asian trade after falling the previous day as the Federal Reserve U8 Jeremy Powell chair signaled economic recovery “.
Spot Gold fell 0.2% to $ 1,823.87 an ounce at 0333 GMT, after reaching the peak since June 16 on Wednesday at $ 1,829.55. US. The gold futures were average at $ 1,824.70.
At the beginning of the testimony two days before the Congress, Powell attached to the view that the current price increase was transitories and the Fed hopes to continue its opening until there is a “further substantial progress” on work, with interest rates pinned near zero possibilities until at least 2023.
Increasing inflation will maintain investors to stay awake but they become more comfortable with the Fed’s attitude, which allows them to continue to build positions on the market, analyst said Daniel Hynes analyst.
“His condition relatively supports further increase (in gold) … it won’t be a sprint but a very gentle and gradual trend is higher for this year,” Hynes added.
Large stimulus steps tend to support gold, which are often considered hedging against inflation and debasement currency.
Considering gold appeal, the dollar rose 0.1% in Asian trade, after Powell’s comments caused the greenback to resign from the peak recently on Wednesday.
At the front of the technical, spot gold can test resistance at $ 1,833 per ounce, the above breaks that can cause profits to $ 1,853, according to Reuters technical analyst Wang Tao.
Between other precious metals, silver is stable at $ 26.23 per ounce.
Platinum subsided 0.3% to $ 1.125.21 per ounce, after rising to the highest level since June 16 in the previous session, while the Palladium fell 0.5% to $ 2,815.52.
