~*~Mining and Metals Du Jour~*~

[the cork]

Gold settles above $1,400 as investors await interest-rate hints from Fed Chair Powell
Published: July 9, 2019 1:49 p.m. ET



Gold futures rose Tuesday to top $1,400 an ounce, as investors awaited Federal Reserve Chairman Jerome Powell’s testimony to Congress which could offer clues about the prospects for interest rate cuts in coming months.

Powell delivered remarks on recent stress tests for banks at a conference in Boston Tuesday without commenting on monetary policy, but the week’s main event was expected to be his two days of testimony on the economic outlook before Congress beginning Wednesday. That’s the same day the Fed will also release the minutes from the central bank’s June meeting.

Powell’s guidance on interest rate cuts “will set the trend in gold, silver and [the] U.S. dollar Index for the rest of the month,” said Chintan Karnani, chief market analyst at Insignia Consultants.

If Powell adopts a “middle of road path” and leaves interest rate cuts dependent on economic data, “then gold and silver will sell off first and then rise.”

Gold for August delivery on … (cont)

https://www.marketwatch.com/story/gold-slips-below-1400-an-ounce-as-investors-await-feds-powell-2019-07-09