Metals Stocks: Gold settles lower, pulls back from highest levels in a week

Gold prices gave up earlier gains on Thursday to settle lower, pulling back from their highest level in a week, even as remarks by Federal Reserve Chairman Jerome Powell were seen signaling a rate cut remains likely at the end of the month.

“Feels like a classic buy the rumor and sell the news cycle playing out,” said Jeff Wright, executive vice president of GoldMining Inc., when asked about the price turn lower Wednesday afternoon.

The Federal Open Market Committee is “looking to lower [interest] rates, but gradually not crash the U.S. dollar in the process,” he said. “I am sensing a little profit-taking, but gold [is] still holding safely above $1,400.

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