Gold Up, Dollar Strengthens and Fed Gives Assurances on Inflation By Investing.com

Gold Up, Dollar Strengthens and Fed Gives Assurances on Inflation

CommoditiesMar 23, 2021 11:51PM ET

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Gold Up, Dollar Strengthens and Fed Gives Assurances on Inflation

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%.

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By Kate Holton LONDON (Reuters) -Britain said on Saturday it would work with the energy industry to try to stem the fallout from soaring gas prices after fears grew that more...

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Comments (2)

Al Mesa Mar 24, 2021 1:07AM ET

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Lol... Gold boosted by the dollar?

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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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US 30	34,499.7	-251.6	-0.72%
US 500	4,418.9	-54.9	-1.23%
Dow Jones	34,584.88	-166.44	-0.48%
S&P 500	4,432.99	-40.76	-0.91%
Nasdaq	15,044.0	-138.0	-0.91%
S&P 500 VIX	20.81	+2.12	+11.34%
Dollar Index	93.225	+0.306	+0.33%

Crude Oil WTI	71.97	-0.59	-0.81%
Brent Oil	75.31	-0.36	-0.48%
Natural Gas	5.061	-0.274	-5.14%
Gold	1,753.95	-2.75	-0.16%
Silver	22.358	-0.436	-1.91%
Copper	4.2393	-0.0422	-0.99%
US Soybeans	1,284.12	-11.88	-0.92%

SPDR S&P 500	441.40	-4.34	-0.97%
iShares Russell 2000	222.48	+0.29	+0.13%
Invesco QQQ Trust	373.83	-4.48	-1.18%
Direxion Daily Junior Gold Miners Bull 2X Shares	59.57	-1.01	-1.67%
iShares Silver	20.74	-0.51	-2.40%
ProShares Ultra VIX Short-Term Futures	23.48	+2.10	+9.82%
ProShares UltraPro QQQ	142.24	-5.21	-3.53%

Apple	146.06	-2.73	-1.83%
Alphabet A	2,816.0	-56.2	-1.96%
Tesla	759.49	+2.50	+0.33%
Amazon.com	3,462.52	-25.72	-0.74%
Netflix	589.35	+2.85	+0.49%
Facebook	364.72	-8.34	-2.24%
Bank of America	40.50	+0.05	+0.12%

Gold Up, Dollar Strengthens and Fed Gives Assurances on Inflation

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