Gold futures climbed sharply on Wednesday to log their highest finish in a week, as the U.S. dollar weakened on remarks from U.S. Federal Reserve Chairman Jerome Powell that were perceived as dovish.
In testimony to Congress, Powell said Wednesday that the U.S economy is suffering from trade policy uncertainties and slower global economic growth and he pledged again that the central bank would act as needed to support demand.
Against that backdrop, gold for August delivery on Comex rose $12, or 0.9%, to settle at $1,412.50 an ounce, settling at the highest for a most-active contract since July 3. September silver added 7.9 cents, or 0.5%, to $15.226 an ounce. Precious metals tend to draw buying in a low interest-rate climate.
Source : Marketwatch