Gold prices slipped Friday but may break a four-week losing streak while traders awaited remarks from Federal Reserve Jerome Powell due around 10 a.m....
Gold prices slipped Friday but may break a four-week losing streak while traders awaited remarks from Federal Reserve Jerome Powell due around 10 a.m. Eastern Time.
Price action Market drivers The main event Friday is Federal Reserve Chairman Jerome Powell’s keynote address at the Kansas City Fed’s annual economic symposium. The big risk for markets, including gold, is that Powell might signal that the Fed is raising its estimates for the neutral rate of interest which measures the theoretical level at which rates neither stimulate nor restrict an economy.“The emphasis will be on what Powell says about the path of interest rates.
Rising global bond yields and a stronger U.S. dollar have stoked a selloff in gold over the past month. The yield on the 10-year Treasury note BX:TMUBMUSD10Y was little-changed Friday at 4.238%. Yields reached their highest levels since 2007 earlier this week when the 10-year closed at 4.339%, according to FactSet data.
A stronger dollar may have contributed to gold’s weakness early Friday. The ICE U.S. Dollar Index DXY, a gauge of the buck’s strength against a basket of rivals, was trading up 0.1% at 104.05 on Friday, its highest level since early June.
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