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Gold Extends Gains: Federal Reserve Chair, Jerome Powell, sounded a note of heightened concern over persistently high inflation as he emphasized that the central bank would begin tapering its bond purchases shortly while remaining patient on raising interest rates.
Gold rose for the fifth consecutive trading session, coming close to testing a critical technical and psychological level near $1800. The bears are in no hurry to give up, foiling attempts by Gold and other precious metals to accelerate their growth. Also worth considering are headwinds such as a global monetary policy reversal.
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One after another, commodities from aluminum to natural gas have surged as pandemic aftershocks rattle supply chains. Gold could be next, although for very different reasons.
Gold price reached a four-day high at $1789 in the Asian trades and went on to consolidate the three-day advance all through the day, ending Thursday marginally higher at $1783.
Silver now seems to have entered a bullish consolidation phase and was seen oscillating in a range just below mid-$24.00s, or six-week tops touched earlier this Thursday.