Gold falls after scaling record peak while markets the comments of Fed Fed chairman Powell Digest Digest

Gold prices fell by almost 1% on Wednesday and withdrew from a record that was previously scaled up in the session, while market participants dissected comments from the Federal Reserve chairman Jerome Powell.

Spot gold decreased 0.9% at $ 3,658.25 per ounce, from 15.11 hours EDT (1911 GMT), after a record high of $ 3,707.40. The prices have risen almost 6% so far this month.

US Gold Futures For the delivery of December, 0.2% lower at $ 3,717.8.

The FED reduced interest rates by a quarter percentage and indicated that it will steadily lower the loan costs for the rest of the year. In the meantime, Powell said that the Fed is in a “meeting-per meeting” with regard to the prospects for interest rates.

“The FED signals uncertainty with Powell who calls this” risk management “-cut, which caused a very understandable profitable profit,” said Tai Wong, an independent metal dealer.

“A retracement or at least a consolidation is healthy; I don’t expect an unusually deep pullback. Unless we come under great technical support for $ 3,550, the short -term recording must remain intact,” he added. possess.

Analysts say that the Recordrun van Gold was supported this year by persistent purchases in the central bank, diversification away from the US dollar, resilient safe port demand in the midst of geopolitical and trade rushes and wide dollar weakness. Bullion, considered a hedge against uncertainties, has risen 39% this year.

Deutsche Bank raised its gold price forecast for next year to an average of $ 4,000 per ounce, an increase of $ 3,700.

Spot Silver fell 2.4% to $ 41.51 per ounce, Platinum fell by 2.2% at $ 1,360 and Palladium fell by 2.6% to $ 1,145.44.