Gold Gains as Fed’s Powell Stops Short of Giving Taper Timeline
- Powell says tapering may start this year without giving date
- Attention will now turn to data on labor market: Macquarie
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Gold rose the most in two weeks after Federal Reserve Chairman Jerome Powell said tapering may be appropriate this year, easing concern that policy makers will soon tighten monetary policy.
The central bank could begin reducing its monthly bond purchases this year, though it won’t be in a hurry to begin raising interest rates thereafter, Powell said Friday in a virtual speech at the Kansas City Fed’s annual Jackson Hole symposium. The dollar and real Treasury yields sank as the Fed Chair spoke, allowing gold to gain past two of its main moving averages.