Gold flat as traders brace for Powell’s speech

Gold prices were little changed on Wednesday, with investors largely focusing on Federal Reserve Chair Jerome Powell‘s speech for insights into the U.S. central bank’s monetary policy path.


* Spot gold was flat at $1,750.00 per ounce, as of 0019 GMT. U.S. gold futures fell 0.1% to $1,746.80.

* Powell’s speech at a Brookings Institution event scheduled for 1830 GMT will be evaluated for any new signs of hawkishness. The ADP National Employment report is due at 1315 GMT.

* Rising interest rates tend to dull bullion’s appeal as the metal pays no interest.

* U.S. consumer confidence slipped to a four-month low in November, with households less keen to spend on big-ticket items over the next six months amid high inflation and rising borrowing costs, heightening the risks of a recession next year.

* The ongoing COVID-19 pandemic and problems in China’s real estate sector pose continued risks to China’s economy, the head of the International Monetary Fund said on Tuesday, adding that the fund may have to revise its growth projection downwards.

* Spot silver slipped 0.2% to $21.23, platinum fell 0.1% to $1,000.88 and palladium rose 0.2% to $1,837.58.

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