Gold recovers as central-bank demand remains robust
NEW YORK (July 10) Gold (XAU/USD) is edging higher on Wednesday, continuing to recover after the PBoC-related sell-off on Monday.
This comes after data emerged showing that worldwide central bank demand for Gold remains buoyant. This has balanced out the negative impact of the news that the largest consumer of Gold, the People’s Bank of China (PBoC), stopped buying the precious metal in June – extending its parsimony for another month after it also closed its wallet in May – following an 18-month buying spree.
Gold rises despite Powell’s reluctance to name a date
Gold shrugged off Federal Reserve (Fed) Chairman Jerome Powell’s testimony to the Senate Banking Committee on Tuesday, in which he refused to give a date for a first interest-rate cut, saying instead that the Fed would adopt a data-dependent approach to interest rates.
Gold (XAU/USD) is edging higher on Wednesday, continuing to recover after the PBoC-related sell-off on Monday.
This comes after data emerged showing that worldwide central bank demand for Gold remains buoyant. This has balanced out the negative impact of the news that the largest consumer of Gold, the People’s Bank of China (PBoC), stopped buying the precious metal in June – extending its parsimony for another month after it also closed its wallet in May – following an 18-month buying spree.
Gold rises despite Powell’s reluctance to name a date
Gold shrugged off Federal Reserve (Fed) Chairman Jerome Powell’s testimony to the Senate Banking Committee on Tuesday, in which he refused to give a date for a first interest-rate cut, saying instead that the Fed would adopt a data-dependent approach to interest rates.
FXStreet
