Gold rose on Wednesday and was on course for its biggest monthly gain in more than two years, as investors awaited a speech by Federal Reserve Chair Jerome Powell for more signals on the economy and rate hike outlook.
Spot gold climbed 0.7 percent to $1,762.06 per ounce, while U.S. gold futures were up 1.6 percent at $1,776.
Gold was up nearly 8 percent for the month, marking its best since July 2020, following a seven-month losing streak.
Powell will speak at the Brookings Institution at 1:30 pm ET.
He is widely expected to reinforce expectations for a slower pace of rate hikes from December amid signs that U.S. inflation is peaking.
Inflation in the euro zone eased in November due to a deceleration in energy price rises, data showed earlier today.
U.S. ADP private payrolls data for November is scheduled for release at 8:15 am ET.
Additionally, U.S. GDP data for the third quarter and pending home sales, wholesale inventories and advance goods trade balance for October will be published in the New York session.
The material has been provided by InstaForex Company – www.instaforex.com
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