Gold advances as investors weigh Powell as next Fed chief

Bullion for immediate delivery gained as much as 0.5% to US$1,281.49 an ounce, the highest in a week, and traded at US$1,277.98 at 2:05pm in Singapore yesterday, according to Bloomberg generic pricing. The metal

SINGAPORE: Gold rose as investors contemplated the prospect of Jerome Powell taking the top job at the Federal Reserve, weighing the outlook for interest rates and the US dollar under the leadership of a policymaker who’s been supportive of current chair Janet Yellen’s strategy of gradual tightening.

Bullion for immediate delivery gained as much as 0.5% to US$1,281.49 an ounce, the highest in a week, and traded at US$1,277.98 at 2:05pm in Singapore yesterday, according to Bloomberg generic pricing. The metal’s advance came as the Bloomberg Dollar Spot Index lost 0.3%.