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Gold futures settled up 0.8% at $1,223.60 on Nov 28 after Fed Chair Powell said interest rates were just below neutral, easing worries about the pace of hikes. The dollar index rose to its highest since Nov 13 after Fed Vice Chair Clarida backed further hikes.
A firmer dollar pressures dollar-priced commodities, while signs of fewer future hikes support gold as an inflation hedge. Feed price impact is limited, mainly through currency effects on US and export-linked grain and meal values.
cnbc.comFalyn PageNov 28, 2018After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
