Futures for gold head higher Friday, with bullion set for a sharp weekly gain, as investors turn to precious metals amid growing concerns that rising price...
Gold futures were headed higher on Friday, with bullion set for a sharp weekly gain, as investors turned to precious metals amid growing concerns that rising inflation in the aftermath of COVID-19 may erode purchasing power.
Investors are watching for comments from Federal Reserve Chairman Jerome Powell later Friday, which will be the final comments from the central banker this month before a November policy meeting which is expected to mark the start of tapering of monthly purchases of Treasurys and mortgage-backed securities.
Gold’s value has been somewhat rangebound since July as a result of concerns about global growth and inflation, which are bullish for the yellow metal, and rising yields, which can undercut the appeal of non-yielding precious metals.
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