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Gold Hits One-Month High After Fed Chief Calms Taper Fears

Adel 15 July, 2021 3:29 pm Commodities, Market Update

Gold prices extended gains to hit a month high on Thursday, July 15th, after US Federal Reserve Chairman Jerome Powell calmed concerns about an early easing of monetary support, sending the dollar and US Treasury yields down.

Spot gold was up 0.3% at $1,831.70 an ounce, after hitting its highest level since June 16.

US gold futures rose 0.4% to $1,833.10.

Testifying before the US Congress, Powell said the labor market is “still a long way off” from the progress the central bank wants to see before reducing its stimulus for the economy, adding that the currently high inflation will drop soon.

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