Gold trades modestly lower as investors await remarks by Federal Reserve Chair Jerome Powell.
Gold futures traded lower early Tuesday as traders awaited the first of two days of congressional testimony by Federal Reserve Chairman Jerome Powell.
Price actionMarket drivers Powell... Gold futures traded lower early Tuesday as traders awaited the first of two days of congressional testimony by Federal Reserve Chairman Jerome Powell. Price action Market drivers Powell is scheduled to appear before the Senate Banking Committee at 10 a.m. Eastern to deliver the Fed’s semiannual monetary policy report. He will testify before a House panel on Wednesday.
The Fed ratcheted up rates rapidly since March of last year. Over the past month, investors who had previously doubted the Fed’s forecast for a peak in the fed-funds rate above 5% changed their tune, while also largely pricing out expectations for rate cuts by year-end.Treasury yields had retreated early in the year, while the U.S. dollar softened, allowing gold to rally. But those moves were reversed in February.
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