Gold gave up some of its recent gains early Wednesday after comments by U.S. Federal Reserve Chairman Jerome Powell seemed to indicate that an interest-rate cut in July isn’t a done deal. Prices remained above $1,400 an ounce, near a six-year high. Analysts in Reuters indicated that profit taking was also behind the dip.
This morning’s mixed economic news including slumped Durable Goods Orders failed to significantly move gold’s needle as the focus is on the Fed Chair’s comments. Continue reading →