In the recent past, whenever there has been a bullish rally in gold, the usual suspects swoop in on TAKE BACK FRIDAY to CAP THE UPSURGE and send gold into a tailspin. Is there something different about today's price action? Is it an indication that the tide has turned in favor of the WHITE HATS?
-NW

Gold rallies as Fed Chair Powell's comments cement peak-rate bets
Reuters (reposted on Kitco)
Friday December 01, 2023 13:05

Dec 1 (Reuters) - Gold surged to a seven-month peak on Friday after remarks from Federal Reserve Chair Jerome Powell increased traders' confidence the U.S. central bank had completed its monetary policy tightening and could cut rates early next year.

Spot gold climbed 1.2% to $2,060.69 per ounce by 12:35 p.m. ET (1735 GMT), its highest since May 4. Prices were about 3% higher so far this week.

U.S. gold futures rose 1.1% to $2,080.60.

Powell's remarks reaffirmed the U.S. central bank's intent to be cautious in its upcoming monetary policy decisions but said the Fed is not thinking about lowering rates right now.