Gold is off to a bright start this week as the metal trims steep losses from the prior week’s nearly 2% selloff. Get your market update from FxWestwater here:
The confirmation hearing for Federal Reserve Chair Jerome H. Powell’s renomination to lead the Federal Reserve may provide another outlet to move gold prices. Mr. Powell is likely to succeed in securing his renomination, but lawmakers are expected to grill him over the sustained rise in prices that were being referred to as “transitory” just a few months ago. While no big surprises are likely from the Fed Chair’s hearing, the chance he could throw the markets a curveball can’t be ruled out.
As previously mentioned, however, the market appears to have already largely priced in the increase in hawkishness coming from Fed members. That said, Mr. Powell may be careful not to reinforce those hawkish perceptions any further, which makes a bearish surprise for gold minimal. Governor Lael Brainard will testify for the Vice Chair nomination. Her confirmation is also likely to succeed.
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