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Gold pares back from fresh record before Powell is set to speak
Gold fell back from a fresh record as two U.S. Federal Reserve officials said they still expect the U.S. central bank to cut rates three times this year, with Chair Jerome Powell due to speak later Wednesday. Bullion fell after setting a new peak above US$2,288 an ounce, while silver topped $26 an ounce — a two-year high. San Francisco Fed President Mary Daly and Cleveland counterpart Loretta Mester — both of whom vote on policy decisions this year — said three reductions were likely, though there’s no urgency. Lower rates benefit the non-yielding metals. Gold has climbed more than 10 per cent this year, ... (full story)