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Gold: recovery from eight month low

On Thursday, attention was paid to the statements made by Federal Reserve Chairman Jerome Powell on monetary policy at a Wall Street Journal event and the progress made in the US President Joe Biden’s stimulus package worth $ 1.9 trillion.

Gold recovered in European trading on Thursday morning from its eight and a half month low, which was reached midweek at $ 1,702.48 a troy ounce. The highs so far have reached US $ 1,720.96 an ounce.

According to the Beige Book published by the Federal Reserve Bank (Fed) on Wednesday evening, the US economy grew moderately in most districts from January to mid-February. Most companies remained optimistic about the next six to twelve months as vaccinations against Covid-19 progressed. Several districts expected price increases in the coming months, it said.

Chicago Fed President Charles Evans said he was not concerned about the surge in US bond yields. Because vaccinations are progressing faster than planned and the economy should recover faster, the increase is based on real factors. And although yields have risen rapidly recently, they are still low in the long term, according to Evans.

Patrick Harker, President of the Fed in Philadelphia, does not expect the Federal Reserve to raise interest rates before 2023. “I can only speak for myself, but I don’t see any rate hike in 2022,” said Harker, adding that there is still a lot of uncertainty in the economy at the moment.

As the day progressed, attention was paid to statements made by Federal Reserve Chairman Jerome Powell on monetary policy at a Wall Street Journal event and the progress of US President Joe Biden’s planned US economic stimulus package worth 1.9 trillion US dollars. After the approval of the US House of Representatives, the US Senate still has to vote. The debate on this is due to start today.

At around 9:55 a.m. CET, gold was quoted with a plus of 0.37 percent at 1,715.31 US dollars per troy ounce