Gold held steady on Wednesday as the dollar traded near three-week lows, after US Federal Reserve chair Jerome Powell reiterated that the central bank will be patient in increasing interest rates, while palladium hovered near the psychological level of $1,550. Spot gold inched down 0.1% to $1,327.51/oz as of 4.34am GMT, while US gold futures were up 0.1% at $1,329.8. The dollar index against major currencies was at 96.131, after shedding 0.4% overnight to 95.948, its lowest since February 5. “Gold has found very good support at $1,300, especially after the Fed’s stance,” said Mark To, head of research at Wing Fung Precious Metals in Hong Kong. “At this moment, people have very diverse views on the course of Fed. But it is patient and more data dependent, which is going to be good for gold. $1,300- $1,400 should be very reasonable price range for this year.” During his testimony before the US Senate banking committee on Tuesday, Powell reiterated that the Fed will remain “patient” in...
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