Gold Down from Two-Week High Against Stronger Dollar, Fed Optimism By –
SectorFinancial Markets
CountryMiddle east

© Reuters.

By Gina Lee – Gold was down on Tuesday morning in Asia, after hitting an over two-month high during the previous session, as the dollar strengthened and investors digested U.S. Federal Reserve Chairman optimistic comments on the economy.

edged down 0.19% to $1788.35 by 12:29 PM ET (4:29 AM GMT).

Powell said on Monday that the U.S.

economy is gradually recovering from the COVID-19, but warned that it is “not out of the woods yet.” He also noted that the less educated and working parents suffered a disproportionate blow during the COVID-19.

Elsewhere on the central bank front, the Bank of Canada could start hiking interest rates ahead of the Fed has given the Canadian dollar a boost, but previous tightening cycles suggest that this boost might not be sustained for long.

Investors also await the Reserve Bank of Australia’s to be handed down later in the day. The and will hand down their respective policy more...