Gold Price Edges Higher After New BoE Remarks

London (June 21)  Gold futures were steady Wednesday morning ahead of what is looking like a quiet session on Wall Street.

Traders are paying attention to conflicting comments from the Bank of England that has seen the dollar and pound zig zag this week.

Today, the dollar weakened versus the pound after BoE official Andy Haldane said he was likely to back an interest rate hike before year's end.

However, the time is not right to begin raising interest rates, Bank of England Governor Mark Carney said on Tuesday, citing weak wage growth.

"Given the mixed signals on consumer spending and business investment, and given the still subdued domestic inflationary pressures, in particular anaemic wage growth, now is not yet the time to begin that adjustment," Carney said in his delayed speech at the Mansion House.

Gold inched higher from 5-week lows this morning, adding USD3 to USD1246 an ounce.

Source: AllianceNews