Despite Friday gains, oil was down for the week
Fed chief says timing, pace of rate cuts depends on data
The guest list of about 120 includes most of the US Fed’s 19 policymakers, a few dozen central bankers from Europe, Asia, Africa, the Americas, and a group of select journalists
Enthusiasm over a likely interest rate cut by the US Federal Reserve in September propelled bullion to an all-time high of $2,509.65 on August 16
US Federal Reserve chairman Jerome Powell on Wednesday said “there was a growing sense of confidence” the central bank could cut rates in September
The key takeaway from Powell’s speech is monetary policy will stay “restrictive” until inflation is moving firmly toward 2 per cent