KONTAN.CO.ID - JAKARTA. Gold eked out gains on Wednesday, with markets awaiting a speech by Federal Reserve Chairman Jerome Powell for more signals on the U.S. interest rate trajectory after dismal economic data. Spot gold was up 0.3% at $1,707 per ounce by 1215 GMT. U.S. gold futures rose 0.4% to $1,713.40 per ounce. "Overall, the gold market is treading water because there are strong forces in both directions - we have physical jewellery demand which is very lacklustre and on the other hand we have demand coming from investors who are looking for protection for their capital," said Commerzbank analyst Eugen Weinberg. "Focus for today will be on what Powell will be saying after pressure from the White House to declare negative interest rates like in Europe," he said. He added that the chances of negative U.S. rates were low.
Gold prices gain ahead of U.S. Fed's Powell speech
KONTAN.CO.ID - JAKARTA. Gold eked out gains on Wednesday, with markets awaiting a speech by Federal Reserve Chairman Jerome Powell for more signals on the U.S. interest rate trajectory after dismal economic data. Spot gold was up 0.3% at $1,707 per ounce by 1215 GMT. U.S. gold futures rose 0.4% to $1,713.40 per ounce. "Overall, the gold market is treading water because there are strong forces in both directions - we have physical jewellery demand which is very lacklustre and on the other hand we have demand coming from investors who are looking for protection for their capital," said Commerzbank analyst Eugen Weinberg. "Focus for today will be on what Powell will be saying after pressure from the White House to declare negative interest rates like in Europe," he said. He added that the chances of negative U.S. rates were low.