Gold rises after Powell's remarks bolster rate cut hopes, hurt US dollar

From reuters.com

Gold prices recouped losses to rise over 1% on Wednesday as the dollar slid after U.S. Federal Reserve Chairman Jerome Powell fanned expectations of an interest rate cut, citing risks to the U.S. economy. Powell said concerns about trade policy and a weak global economy “continue to weigh on the U.S. economic outlook” and the Fed intended to “act as appropriate” to sustain a decade-long expansion. Spot gold rose 1% to $1,411.08 per ounce as of 1:19 pm ET (1719 GMT), having made its way to a high of $1,412.60 an ounce. Prices had dropped to $1,389.55 earlier in the session. U.S. gold futures for August ... (full story)