Fed's Powell Shakes Gold Out of Its Doldrums, Energizes Copper
- Dovish comments from bank could be a ‘game changer,’ BMO says
- Markets also watching U.S., China meeting later this week
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Dovish comments from the Federal Reserve’s Jerome Powell suggesting slower-than-anticipated interest-rate hikes awakened gold from its recent slumbers and boosted most base metals.
The Fed chairman said interest rates are “just below” the so-called neutral range, softening previous comments that implied steady rate hikes were in the central bank’s foreseeable monetary policy. That helped send the Bloomberg Dollar Spot Index crashing and gold, which doesn’t pay interest, to its biggest gain in almost four weeks.