Gold is approaching a 3-week low ahead of Powell’s comments

Gold approached its lowest level in three weeks on Thursday, November 9, as demand for safe havens resulting from the conflict in the Middle East faded, while investors awaited the Federal Reserve Chairman’s statements seeking more evidence on interest rates.

Gold fell in instant transactions by 0.1% to $1,948.39 per ounce, after recording its lowest levels since October 19 yesterday, Wednesday. US gold futures fell 0.2% to $1,953.50.

A large number of Federal Reserve officials who spoke this week maintained a balanced tone regarding the US central bank’s next decision, but indicated that they would focus on economic data and the impact of rising long-term bond yields.

Powell did not comment on monetary policy or economic expectations in prepared remarks at the conference on Wednesday, November 8. He is scheduled to speak at another conference today, and lower interest rates enhance the appeal of the non-yielding yellow metal.

Gold prices exceeded the key level of $2,000 per ounce last week after escalating tension in the Middle East led to increased demand.

As for other precious metals, silver fell in spot transactions 0.5% to $22.41 per ounce, while platinum increased 0.4% to $869.70.