Gold held below $1,970 an ounce on Wednesday after declining for two straight sessions, remaining under pressure from a rising dollar as traders braced for US Federal Reserve Chair Jerome Powell’s speech later today. In the latest central bank commentary, Minneapolis Fed President Neel Kashkari said that it’s too soon to declare victory over inflation, while Fed Governor Michelle Bowman repeated her view that the central bank would likely need to raise short-term rates again. Waning geopolitical risk premium related to the Israel-Hamas war also dented gold demand, as Israeli authorities announced temporary pauses in fighting to allow for humanitarian needs.
