Powell’s Comments On Economic Outlook Cause Gold To Dip – 13 May, 2020

The downplay of possible U.S. interest rates dropping into the negative by Federal Reserve Chairman Jerome Powell caused gold to dip. Spot gold shed 0.2% to $1,712.58 per ounce, adding on to the 0.8% loss from the previous session. U.S. gold futures were up 0.3% to $1,721.60. Powell’s comments about the extended weakness of economic growth capped the precious metals losses, though eyes have now shifted to the U.S. jobless claims due this week to help gauge the economic outlook.