30.11.202209:15:00UTC+00Gold Rises As Dollar Weakens Ahead Of Powell's Speech

Gold rose on Wednesday and was on course for its biggest monthly gain in more than two years, as investors awaited a speech by Federal Reserve Chair Jerome Powell for more signals on the economy and rate hike outlook.

Spot gold climbed 0.7 percent to $1,762.06 per ounce, while U.S. gold futures were up 1.6 percent at $1,776.

Gold was up nearly 8 percent for the month, marking its best since July 2020, following a seven-month losing streak.

Powell will speak at the Brookings Institution at 1:30 pm ET.

He is widely expected to reinforce expectations for a slower pace of rate hikes from December amid signs that U.S. inflation is peaking.

Inflation in the euro zone eased in November due to a deceleration in energy price rises, data showed earlier today.

U.S. ADP private payrolls data for November is scheduled for release at 8:15 am ET. Additionally, U.S. GDP data for the third quarter and pending home sales, wholesale inventories and advance goods trade balance for October will be published in the New York session.