Having slipped into a plunging rally for a week, gold gained some control on Wednesday. The prices of the yellow metal spiked by almost 2 per cent amid the market’s bracing for dollar-dovish speech offered by Federal Reserve Chairman.
Comex (Benchmark December gold futures) surged to $1,952.50 per ounce, which is 1.5% ( $29.40) at the end of the day after touching a high of $1,958.35.
On the other side, the spot price of gold rose to $1,947.50 after hitting a hilt of $1,949.97. The hike is attributed to the wait of traders for Jay Powell’s (Federal Reserve Chairman ) speech on the US economy slated to take place on Thursday (13:00 GMT) at the Monetary Policy Framework Review of the Central Bank’s annual review event.