Gold Pares Gains as Powell Dampens Bet on December Rate Cut

Gold pared gains after Federal Reserve Chair Jerome Powell downplayed the likelihood of a December interest-rate cut.

“A further reduction in the policy rate at our December meeting is not a foregone conclusion — far from it. Policy is not on a preset course,” Powell said at a press conference after policymakers delivered a widely-expected quarter-point rate reduction on Wednesday.

Bond yields and the dollar climbed, with bullion giving some of its earlier advances. Higher rates are typically negative for the non-yielding precious metal.

Gold has retreated sharply in recent days following a torrid rally that drove prices ...