WASHINGTON (dpa-AFX) - Gold futures settled lower on Wednesday, coming off a six-year high and snapping a four-session winning streak.
Gold prices edged lower after dollar stayed fairly steady following Federal Reserve Chair Jerome Powell playing down expectations of aggressive rate cuts.
Gold futures for August ended down $3.30, or 0.2%, at $1,415.40 an ounce.
On Tuesday, gold futures for August rose to $1,442.90, a six year high, and ended with a small gain at $1,418.70, the highest settlement since August 28, 2013.
Silver futures for July ended down $0.006, at $15.294 an ounce, while Copper futures for July settled at $0.0220, at $2.7135 per pound.
On Tuesday, Powell pushed back against pressure from President Trump to cut interest rates, saying that monetary policy should overreact to any individual data point or short-term swing in sentiment.
St. Louis Fed President James Bullard also said on Tuesday that a steep 50 basis points cut in July would be too much.
Mild optimism about a potential U.S.-China trade deal after Treasury Secretary Steven Mnuchin said 'We were about 90 percent of the way there and I think there's a path to complete this,' in an interview with CNBC's Hadley Gamble. However, he did not shed any light on the sticking points to achieving the final 10 percent.
Mnuchin refused to speculate on whether a deal would be completed but said he was 'hopeful,' noting 'President Trump and President Xi have a very close working relationship.'
Trump and Xi are likely to meet on the sidelines of the upcoming G20 summit later this week.
Copyright RTT News/dpa-AFX
© 2019 AFX News
