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Gold Stabilizes After Warsh Remarks
Gold prices rose noticeably by up to 0.9%, trading around $4,060 per ounce, after remarks from US Federal Reserve Chair Kevin Warsh tempered expectations of interest rate hikes. This led to a decline in fears of future monetary policy tightening. Warsh's comments at the European Central Bank forum boosted investor sentiment, amid increased demand for the precious metal, which had previously gained 0.6% and closed higher. This comes alongside mixed US data showing an expansion in manufacturing activity and an increase in private sector job creation, reinforcing expectations that gold prices will remain stable in the near future.
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