Gold Rallies as Fed's Powell Hints at Inflation Progress

Gold prices rose on Wednesday as the U.S. dollar weakened following dovish comments from Federal Reserve Chair Jerome Powell. Investors are now focusing on the upcoming minutes from the Fed’s latest policy meeting for insights into potential interest rate cuts. The softening dollar, combined with Powell’s acknowledgment of improving inflation trends, has made gold more attractive to investors. Market expectations now favor rate cuts in September and December, which could further boost gold’s appeal as a non-yielding asset. However, upcoming economic data, including job reports, will play a crucial role in shaping the precious metal’s trajectory.