{"id":114202,"date":"2021-02-24T20:49:47","date_gmt":"2021-02-24T20:49:47","guid":{"rendered":"https:\/\/precoinnews.com\/?p=114202"},"modified":"2021-02-24T20:49:47","modified_gmt":"2021-02-24T20:49:47","slug":"gold-futures-settle-lower-for-2nd-straight-day","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/gold-futures-settle-lower-for-2nd-straight-day\/","title":{"rendered":"Gold Futures Settle Lower For 2nd Straight Day"},"content":{"rendered":"
Gold futures settled lower on Wednesday, edging down for a second straight day as equity markets<\/span> gained and the dollar stayed above the flat line for much of the day’s session, continuing to benefit from the Fed Chair’s comments about monetary policy stance.<\/p>\n Higher U.S. Treasury bond yields continued to put pressure on gold prices.<\/p>\n The dollar index, which advanced to 90.43 by mid morning, later dropped to 90.20, up just marginally from the previous close.<\/p>\n Gold futures for April ended down $8.00 or about 0.4% at $1,797.90 an ounce.<\/p>\n Silver futures for March ended higher by $0.171 or 0.6% at $27.859 an ounce, while Copper futures settled at $4.2945 per pound, gaining $0.1160 or 2.8%.<\/p>\n Recent worries about higher interest rates and inflation eased somewhat after Powell reiterated interest rates will remain at near-zero levels and the Fed will continue its asset purchases at the current rate until “substantial further progress” has been made toward its goals of maximum employment and price stability.<\/p>\n The U.S. economy<\/span> was “a long way from our employment and inflation goals, and it is likely to take some time for substantial further progress to be achieved,” Powell said.<\/p>\n Powell reiterated that any rise in inflation will likely be transitory and is unlikely to have a persistent effect on the economy.<\/p>\n Meanwhile, data released by the Commerce Department today showed new home sales spiked by 4.3% to an annual rate of 923,000 in January after soaring by 5.5% to a revised rate of 885,000 in December.<\/p>\n Economists had expected new home sales to surge up by 1.5% to a rate of 855,000 from the 842,000 originally reported for the previous month. <\/p>\n