Gold steadied as investors weighed comments from Federal Reserve Chairman Jerome Powell on the uncertain future for the U.S. economy with lingering concerns over further coronavirus outbreaks, as well as escalating geopolitical tensions.

Powell said the U.S. economy may be entering a period of significant improvements in employment, but one that will leave the labor market “well short” of the robust levels seen just before the pandemic. His testimony, delivered via video-conference before the Senate Banking Committee on Tuesday, echoed views he gave last week after policy makers signaled rates would probably stay near zero. Powell will appear before the House Financial Services Committee later Wednesday.

Spot gold little changed at $1,726.40/oz at 9:04am in Singapore; +14% YTD. Silver +0.1%, platinum -0.1%, palladium -0.4%.

Source : Bloomberg