Gold Hits One Week High On Dovish US Fed Outlook

Published on Feb 24, 2021 11:22

COMEX Gold futures managed to stay supported after breaking above $1800 per ounce on hopes of near term dovish outlook towards the US monetary policy. The metal hit a one week high of $1815 per ounce before pulling back a little. The US Federal Reserve Chair Jerome Powell on Tuesday told members of the Senate Banking Committee the central bank is likely to maintain ultra-easy monetary policy for the foreseeable future. Powell noted that the US economy is a long way from our employment and inflation goals, and it is likely to take some time for substantial further progress to be achieved. Powell remarks reflected that the US Fed is in no hurry to even initiate a scaling back of the pandemic era liquidity measures.