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Yahoo! Finance: SI=F News
Gold gained on Wednesday, taking an uptick in U.S. Treasury yields and the dollar in stride, as the safe-haven metal drew support from Federal Reserve Chair Jerome Powell’s repeated calls to keep low-interest rates pinned near zero. Spot gold rose 0.5% to $1,735.24 per ounce by 12:48 P.M EDT (1648 GMT). “The Fed said that despite the fact that we could see some higher inflation, they will look past it so that ultimately means we could see a spike in inflation and the Fed remaining on the sidelines … those factors are helping gold here,” said Bart Melek, head of commodity strategies at TD Securities.
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