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Metals Stocks: Gold futures back on track to post a fresh six-year high

Gold futures turned sharply higher Wednesday, setting prices back on track to post fresh six-year highs, as the U.S. dollar weakened and traders weighed expectations for a U.S. interest-rate cut.

Federal Reserve Jerome Powell reiterated in a speech in Paris Tuesday that the economic outlook hasn’t improved since the last Federal Open Market Committee meeting in June, setting the stage for an interest-rate cut.

The next imported U.S. economic data point, however, is the Beige Book report from the Federal Reserve due out Wednesday afternoon, said Jim Wyckoff, senior analyst at Kitco.com. The report offers the Fed’s periodic examination of the economy.

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