Gold rose in early trading in Asian markets, likely boosted by bargain hunting after falling earlier due to Powell's speech.

Gold rose in early Asian trading, following a drop in prices due to a speech by Federal Reserve Chairman Powell overnight. There may be bargain-hunting after the drop. Spot gold rose 0.5% to $3,949.47 per ounce. Powell's speech suggested that a rate cut in December is not a certainty. However, the rise in gold prices may be limited. Analysts at ANZ Bank stated in a report that safe-haven buying of the precious metal may be restrained in light of optimistic prospects for trade negotiations.