After Powell's speech, traders analyze the direction of the US Federal Reserve interest rates, and gold prices rise.

After Federal Reserve official Kevin Wash spoke at the central bank's annual summit, traders assessed the outlook for US monetary policy, causing the price of gold to rise. The dollar and US Treasury yield gains narrowed, with spot gold reaching its highest increase of 2.5%. On Wednesday, Wash stated at the European Central Bank's annual forum in Sintra, Portugal, that he would not provide "forward guidance" on future interest rate policies, signaling a significant shift in Federal Reserve policy. He also mentioned that the recent risks of upward inflation have eased, and reemphasized his strong stance on pulling inflation back to the Federal Reserve's 2% target level. Bart Melek, head of commodity strategy at TD Securities, said, "Wash's statement aligns with market expectations and is positive for gold. Gold traders were previously concerned that he might adopt a more hawkish tone." By 10:23 am New York time, spot gold had risen by 2.4%, reaching $4103.98 per ounce. Bloomberg's US Dollar Spot Index, which measures the dollar's performance, increased by 0.1%. Silver rose by 4%, while platinum and palladium also rose simultaneously.