Gold Treads Water Ahead Of Heavy Dose of "Fed-Speak" -Kitco
"Gold and silver prices are near steady levels in early U.S. trading Thursday. The safe-haven metals are seeing some support from a pullback in global equity markets today. The recent sell off in the U.S. dollar index is also a bullish element for the precious metals markets.
February gold futures were last up $0.10 an ounce at $1,292.00. March Comex silver was down $0.015 at $15.72 an ounce. The marketplace is awaiting Federal Reserve Chairman Jerome Powell’s speech to the Economic Club of Washington, D.C. at midday today. Several other Federal Reserve officials also are on tap for speeches today. The Wednesday afternoon release of the minutes from the last meeting of the Federal Reserve's Open Market Committee (FOMC) were deemed as favoring the dovish side of monetary policy, which supported the metals markets and helped to drop the U.S. dollar index to a 2.5-month low on Wednesday. Two Fed officials on Wednesday also suggested there may not be further interest rate cuts in 2019."