Gold Price Falls Ahead of Powell's Remarks

Gold prices dipped in European trading on Wednesday, marking the first decline in seven days from recent peak levels, as profit-taking activity increased. Investor caution prevailed ahead of Federal Reserve Chair Jerome Powell's speech regarding the future trajectory of US interest rates.

Bearish comments from Powell could heighten expectations of a Federal Reserve interest rate cut in June, potentially pushing gold prices to new highs.

Current Prices

Gold prices retreated by 0.5% to $2270 per ounce, having hit a record high of $2288. This pullback follows a 1.3% surge on Tuesday, marking the sixth consecutive session of gains fueled by concerns over inflation and geopolitical tensions. Additionally, recent somewhat pessimistic statements from several Federal Reserve officials regarding US interest rates have contributed to the price uptrend.

Powell

Later today, Federal Reserve Chair Jerome Powell is scheduled to speak at Stanford University, where market participants anticipate gaining insights into future US monetary policy decisions.