Haven gold found only modest traction early Wednesday even as uncertainty hung over financial markets in the form of congressional testimony by Michael Cohen, former long-time attorney to President Trump, the second nuclear-weapon summit between North Korean dictator Kim Jong Un and Trump, as well as escalating tensions between India and Pakistan, which has its own nuclear risk attached.
In addition, Federal Reserve Chairman Jerome Powell is scheduled for a second day of testimony, this time in front of the House Financial Services Committee. Powell on Tuesday delivered a clear message that Fed policy will remain data-dependent as the outlook changes, which could mean no more rate hikes in 2019, analysts said, noting it's a statement that is largely dollar-negative and gold-positive.
Against this backdrop, April gold was up 0.1% to $1,328.50 an ounce. The yellow metal fell Monday and Tuesday for their first drop over consecutive sessions since a multiday skid ended Feb. 7, according to FactSet data.
Source : Marketwatch