Gold Finishes at Month-High

Gold prices rose on Wednesday to finish at their best level in about a month, supported the decline of the U.S. Dollar (USD) and Treasury bond yields after the Federal Reserve Chairman Jerome Powell assured Congress that the high inflation will eventually ease.

This means that the Fed will be in no rush to change its current policy, raising interest rates, which might weigh on the yellow metal.

Gold futures for August delivery gained $15.10, or 0.8%, to close at $1,825 per ounce.

This marked the best closing level for gold’s most active contract since June 16, FactSet data show.

Similarly, silver front month futures gained 13.10 cents, or 0.50%, to settle at $26.246 per ounce, its best settlement level since July 2.