Gold price up after Fed official downplays chances of imminent rate hikes
Gold prices rose for a second day in a row Wednesdayfollowing commentary from a Federal Reserve official that played down the possibility of imminent interest rate hikes. Spot gold was up 0.7% to $1,783.70 an ounce by 11:50 a.m. EDT, near its weekly high. US gold futures also gained 0.7%, trading at $1,784.10 an ounce in New York. Bullion has fluctuated recently as traders attempt to gauge the pace at which pandemic-era stimulus will be reined in by central banks. Ongoing inflation, driven by the global energy crisis and supply chain constraints,…
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