Gold prices edged lower on Wednesday as traders weighed Federal Reserve Chairman Jerome Powell's latest remarks after the central bank held its policy interest rate steady last week but signaled there may be two more rate rises this year to lower U.S. inflation further.
Gold futures for August delivery were off by $2.80, or 0.1%, to settle at $1,944.90 per ounce on Comex.
Silver futures for July delivery were down 42 cents, or 1.8%, to end at $22.81 per ounce.
Palladium futures for September delivery were off by $34.80, or 2.5%, to finish at $1,344.30 per ounce, while platinum futures for July shed $19, or nearly 2%, to settle at $949 per ounce.
July copper gained 3 cents, or 0.8%, ending at $3.91 per pound.
Federal Reserve Chairman Jerome Powell on Wednesday affirmed that more interest-rate increases are likely as inflation is still "well above" the 2% target, while acknowledging there is strong support among his central bank's colleagues for two additional 25-basis-point rate hikes this year.
Source: Marketwatch
