Gold Stabilizes as Investors Await Speech of Fed

Gold stabilized on Tuesday, August 25th, as the dollar’s decline led to offsetting the pressure caused by the rise of stocks, while investors were reluctant to form large positions before US Federal Reserve Chairman Jerome Powell’s speech this week.

Gold settled at 1932.15 dollars an ounce by 05:12 GMT. Was little changed in futures trading in the United States at $ 1938.80.

Powell is discussing the first review of the council’s monetary policy framework on the first day of the Fed’s annual conference on Thursday in a hypothetical and public meeting due to the Coronavirus.

The Federal Reserve adopted a series of monetary and financial stimulus measures and reduced interest rates to near zero to counter the economic repercussions of the pandemic, which contributed to the rise of gold about 28% this year. The dollar index fell 0.1% against its rivals on Tuesday.

The temptation for gold was limited by the rise of Asian stocks as investors welcomed signs of progress in trade negotiations between the United States and China after a rally on Wall Street.

As for the other precious metals, silver stabilized at $ 26.53 an ounce, platinum rose 1% to $ 924.80, and palladium rose 0.8% to $ 2177.78.