Gold settles at highest in a week as Fed Chair Powell's remarks feed expectations for interest-rate cuts

London (July 11)  Gold futures climbed sharply on Wednesday, settling at their highest in a week, after remarks from U.S. Federal Reserve Chairman Jerome Powell were seen as dovish. Powell "did not seek to temper market expectations for rate cuts. In fact ... he actively goaded on these expectations," said Ryan Giannotto, director of research at GraniteShares. Powell's testimony is "particularly bullish for gold," he said. August gold GCQ19, +0.62% rose $12, or 0.9%, to settle at $1,412.50 on Comex. Minutes from the Fed's June meeting, which may provide further clues on the outlook for rates, will be released 2 p.m. Eastern.

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