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08.02.202309:08:00UTC+00Gold Gains For Third Day On Dovish Powell Comments

Gold extended gains for a third straight session on Wednesday and the dollar weakened following dovish comments from Federal Reserve Chair Jerome Powell.

Spot gold rose 0.6 percent to $1,885.01 per ounce, while U.S. gold futures were up 0.6 percent at $1.896.70.

The dollar index eased after Powell reiterated his view that inflation was falling.

In a question-and-answer session at the Economic Club of Washington, D.C., Powell said that the disinflationary process has begun but further hikes will be needed if the labor market remains strong.

Some analysts were expecting the Fed chief to push back on the loosening of financial conditions following Friday's robust jobs report.

In separate comments, Minneapolis Fed President Neel Kashkari said the U.S. central bank has more work to do when it comes to taming inflation.

Investors now await this week's jobless claims report and January inflation numbers due next week for further direction.

Chinese inflation data for January due later this week may also shed more light on a potential economic recovery after the country relaxed most anti-COVID restrictions.



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