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Gold Up, Dollar Strengthens and Fed Gives Assurances on Inflation

CommoditiesMar 23, 2021 11:51PM ET
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© Reuters.

By Gina Lee

Investing.com – Gold was up on Wednesday morning in Asia, with investors and Congress digesting U.S. Federal Reserve Chair Jerome Powell's assurance that inflation will remain under control.

Gold futures were up 0.34% at $1,730.90 by 11:48 PM ET (3:48 AM GMT). The dollar, which normally moves inversely to gold, inched up to a more than two-week high on Wednesday.

U.S. Treasury yields fell after Powell told Congress on Tuesday that he expected inflation to rise over the course of the year, but it would be “neither particularly large nor persistent.” He will deliver the same remarks to a Senate committee later in the day.

The Fed will show “resolute patience” in waiting to meet its employment and inflation goals before pulling back on support for an economy still healing from the pandemic, Fed Governor Lael Brainard added on the same day.

Treasury Secretary Janet Yellen, testifying alongside Powell at Congress, warned that the U.S. economy remains at risk as she answered questions about potential infrastructure and tax increase plans.

In other precious metals, palladium was little changed at $2,602.24, silver edged up 0.2% and platinum fell 0.5%.

Gold Up, Dollar Strengthens and Fed Gives Assurances on Inflation
 

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Comments (2)
Al Mesa
Al Mesa Mar 24, 2021 1:07AM ET
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Lol... Gold boosted by the dollar?
King Tolba
King Tolba Mar 24, 2021 12:43AM ET
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The truth is, your analysis is nothing but nonsense. Please respect the mentality of the followers. The dollar does not support gold, but the dollar is against gold. Gold also loves inflation and does not want it under control. Please accuracy.
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Ad Cline Mar 24, 2021 12:43AM ET
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the dollar and gold havé moved together several times in the past two decades.
 
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