Gold prices spike to daily highs as Powell says Fed to expand balance sheet ‘soon’

Gold rose to daily highs on Tuesday afternoon as markets digested Federal Reserve Chair Jerome Powell’s comments that the U.S. central bank will start expanding its balance sheet “soon.”

December Comex gold futures were last trading at $1,510.10, up 0.38% on the day after briefly touching Tuesday’s high of $1,515 an ounce.

Powell remained potentially open to further rate cuts, citing risks coming from the global economy while stating that the Fed’s asset holdings might also need to begin to expand.

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