Gold price lifted by Fed’s dovish remarks on tapering

Gold climbed higher on Friday as Federal Reserve chairman Jerome Powell stopped short of signaling when the central bank would dial back its economic support, while reiterating his view that the current price spikes are transitory.

Spot gold rose 1.1% to $1,811.51 per ounce by 11:50 a.m. EDT, breaking past the $1,800 level for the second time this week. US gold futures were up 0.9%, trading at $1,811.60 per ounce in New York.


In a virtual speech at the Jackson Hole symposium earlier, Powell stated that the central bank could begin reducing its monthly bond purchases this year, though it is not in a hurry to begin raising interest rates thereafter.