Gold rebounds on weak dollar with investors weighing Fed policy

Yahoo-Bloomberg/Elena Mazneva and Justina Vasquez/8-28-2020

photo of three poured gold bullion bars“Powell’s ‘speech did not threaten the bullish narrative for gold and silver,’ [Saxo Bank’s Ole] Hansen said. ‘Low interest rates for longer, a weaker dollar, massive amounts of stimulus and the increased demand for inflation hedges are likely to continue to drive demand for both metals.’ The biggest risk to gold remains the discovery of a vaccine and a sharp correction in stocks, which would spark a drive to raise cash, he said.”

USAGOLD note:  Some background on gold’s initial reaction to the Fed policy change ……

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