Gold holds near record high ahead of Powell's speech

September 23, 2025 (MLN): Gold prices steadied on Tuesday after touching a fresh record high, supported by expectations of further U.S. interest rate cuts and a softer dollar, as investors awaited Federal Reserve Chair Jerome Powell’s remarks for policy direction.

Spot gold was up 1.88% at $3,753.71 an ounce as of [11:47am] PST, according to data reported by Mettis Global.

December U.S. gold futures edged up 0.1% to $3,779.50.

Meanwhile, the U.S. dollar index slipped 0.1%, making dollar-priced bullion more attractive to overseas buyers.

“The short-term trend remains bullish, though we could see a brief pullback due to technical factors,” said Kelvin Wong, senior market analyst at OANDA to CNBC.

He noted that the weaker dollar was providing support, adding that key levels to watch lie around $3,710 and $3,690.

Attention is now fixed on Powell’s speech, which could provide fresh signals on the central bank’s stance.

On Monday, newly appointed Fed Governor Stephen Miran argued that policymakers risk harming the job market unless they adopt more aggressive rate cuts., according to CNBC.

His comments were at odds with several Fed officials who cautioned against easing too quickly amid persistent inflation.

The Fed lowered rates by 25 basis points last week, citing softening labor market conditions, and signaled more cuts may follow.

According to the CME FedWatch tool, markets are pricing in a 90% chance of another quarter-point cut in October and a 75% probability of an additional move in December.

“Slowing growth, stubborn inflation, geopolitical uncertainties, and a weaker dollar will continue to support strong investment demand for gold,” ANZ analysts wrote in a note. “As long as gold remains attractive, silver will benefit as well.”

Silver prices slipped 0.9% to $43.67 an ounce, still hovering near a 14-year peak. Platinum dipped 0.3% to $1,412.80, while palladium eased 0.2% to $1,176.44.

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