Gold rises post gloomy Powell speech

Thursday morning saw the value of Gold gone up after U.S. Federal Reserve Chair Jerome Powell’s speech had inspired gloom among investors, compelling them to turn to the precious metal.

Gold futures rose by 0.28% at $1,721.25 by 12:08 PM ET (5:08 AM GMT).

Powell’s speech broadcasted on Wednesday warns of a seemingly worse U.S. Recession compared to what had resulted from the Second World War with COVID-19 placing global economy into dire straits.

Stocks, as it bears an inverse relationship with gold, had struggled yet again for aanother with recorded retreats on Thursday.

At present, investors are awaiting the yet to be released U.S. initial jobless claims.

To date, over 31 Million Americans have gone unemployed since March’s end.