Gold prices gain some ground as dollar falls on rate cut hopes

Investing.com-- Gold prices rose in Asian trade on Wednesday, seeing some relief as the dollar retreated on some positive comments from Federal Reserve Chair Jerome Powell.

But the yellow metal still remained within a trading range established through most of June, as anticipation of more cues on U.S. interest rates kept traders biased towards the dollar.But Powell also warned that the central bank still needed more confidence to begin trimming interest rates. This notion, coupled with anticipation of more key cues on the U.S. economy, kept gains in gold and other metals limited.of the Fed’s June meeting, due later on Wednesday, as well as addresses by other Fed officials in the coming days.. But persistent concerns over inflation and a strong labor market stymied the yellow metal’s advance, keeping it trading around the low-$2,300s for nearly a month.Among industrial metals, copper prices rose on Wednesday, taking advantage of a softer dollar.

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