The U.S. warns of possible interest rate hike Gold fell in Asia on Wednesday morning as investors digested Treasury Secretary Janet Yellen’s comments.
Gold futures were down 0.60% at $ 1,781.10. The U.S., which usually moves in the opposite direction to gold. The dollar index was up until Wednesday.
U.S. Yellen said Tuesday that an interest rate hike may be needed to prevent the economy from heating up due to President Joe Biden’s spending plans. However, he acknowledged that their numbers were not enough to defeat Obama’s government. He later clarified that the Federal Reserve did not predict a move in rates.
Investors are now awaiting the comments of other senior federal officials, including Chicago Fed President Charles Evans and Cleveland Fed President Loretta Master.
There are also questions about whether Biden will nominate federal President Jerome Powell for a second four-year term.
On the data front, investors are looking at the U.S. Waiting for other upcoming economic data from, including the Institute of Supply Management (ISM) Non-Product Purchasing Managers Schedule (BMI) and the ATP National Employment Report. The April employment report, including non-farm payrolls, is due Friday.
Across the Atlantic, the Bank of England will hand over its policy decision on Thursday.
Among other precious metals, silver fell .55.5.5 per ounce, palladium 0.1%, and platinum 0.2%. Nornickel, the best producer of Russian nickel and palladium mining and smelting company, announced two submerged mines in Siberia, which contributed to the supply shortfall.
