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Fed's Powell Shakes Gold Out of Its Doldrums, Energizes Copper

Dovish comments from the Federal Reserve’s Jerome Powell suggesting slower-than-anticipated interest-rate hikes awakened gold from its recent slumbers and boosted most base metals.

The Fed chairman said interest rates are “just below” the so-called neutral range, softening previous comments that implied steady rate hikes were in the central bank’s foreseeable monetary policy. That helped send the Bloomberg Dollar Spot Index crashing and gold, which doesn’t pay interest, to its biggest gain in almost four weeks.

Greenback strength has dogged most metals this year as investors flocked to the American currency as a hedge against the impact of the simmering U.S.-China trade war. The presidents of both nations will have a chance to discuss the spat this weekend during a Group of 20 meeting in Argentina.

Bullion for February delivery jumped 0.8 percent to settle at $1,229.80 an ounce at 1:30 p.m. on the Comex in New York, the biggest increase for a most-active contract since Nov. 1. The yellow metal had drooped in six of the past seven months. Copper for delivery in March climbed the most since Sept. 21, while most of the main metals on the London Metal Exchange ended higher. Meanwhile, spot palladium prices reached another record high, drawing further support from tightening supplies.

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MARKET SUMMARY

INDICES

Name Last Change
DOW 23675.60 0.35%
S&P 500 2546.16 0.01%
NASDAQ 6783.91 0.44%
TSX 14416.89 0.38%
TSX-V 543.19 0.00%

Resource Commodities

Name Last Change
Gold 1251.05 0.16%
Silver 14.69 0.48%
Copper 2.67 0.090
Platinum 793.89 0.07%
Oil 46.24 7.87%
Natural Gas 3.84 8.08%
Uranium 28.63 0.00%
Zinc 1.17 0.00%

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