Gold price inched up on Wednesday, gaining over 0.25 percent as the US dollar gives up its recovery mode amid Federal Reserves Chairman Powell’s dovish comments.
At 12:17pm GMT, gold in the international market was trading at $1,784.50 an ounce after gaining $4.70 an ounce in its value as compared to its closing value on Tuesday last.
Powell said that tighter monetary policy is a distant possibility, adding the economic recovery requires more time before any tapering of stimulus and higher borrowing costs are appropriate.
The Fed’s dovish views contrasted with the relatively hawkish comments from Norway and New Zealand, which sent their currencies up by 0.3 percent each against the greenback.
Meanwhile, the price of 10 grams of yellow metal in Pakistan increased to Rs90,700 with a gain of Rs300.