Home Industry Economy Gold steady as traders wait for Fed chair to take center stage Spot gold was little changed at $1,845.34 an ounce as of 8:52 a.m. in Singapore, after falling 0.5 per cent on Monday by Bloomberg March 7, 2023 Gold steadied ahead of commentary from the head of the US Federal Reserve that will provide clues on the trajectory of interest rates. Chair Jerome Powell will testify before a Senate panel later on Tuesday and a US House of Representatives committee on Wednesday, at which he is expected to underscore that rates will go higher than policy makers had anticipated just a few weeks ago. Higher rates, needed to quell stubbornly elevated inflation, are typically negative for non-interest bearing bullion. Spot gold was little changed at $1,845.34 an ounce as of 8:52 a.m. in Singapore, after falling 0.5 per cent on Monday. The Bloomberg Dollar Spot Index was flat, and 10-year US Treasury yields climbed toward 4 per cent. Silver and platinum were steady, while palladium declined. Also read: Opinion: Why the re-opening of China is good news for UAE’s economy Tags Economy gold Platinum Silver 0 Comments You might also like Saudi Arabia posts budget deficit of SAR12.4bn in Q1 2024 Egypt’s outlook upgraded to positive on reduced external financing risks: Fitch Qatar’s economy grew 1.2% year-on-year in Q3 2023 Saudi Arabia’s Vision 2030 projects to be adjusted as needed: Finance Minister