Gold Gains Are Short Lived, Prices Fall To One Week Low – 1 May, 2019

Comments from U.S. Federal Reserve Chairman Jerome Powell caused gold to drop to a one week low on Wednesday, siting uncertainty over the possibility of a near term rate cut which also helped the dollar gain. At its lowest since April 24, spot gold fell to as low as $1,272.74 per ounce, before steadying at $1,276.76 per ounce. U.S. gold futures shed 0.5 percent to $1,278.30 an ounce. The precious metals appeal has clouded lately causing it to fall for three straight months on U.S.-China trade optimism, rising global equities, and a strong dollar.