PHYS - Gold climbs to best settlement in nearly a month as Powell plays

Gold maintains its methodical rise, reaching its highest settlement since mid-June alongside declines in the U.S. dollar and Treasury yields.August gold (XAUUSD:CUR) settled +0.8% to $1,825/oz., the highest for the most-active contract settlement since June 16, and held onto gains shortly after release of the Fed's Beige Book on economic conditions, which said the U.S. economy displayed "moderate to robust growth."ETFs: [[GLD]], [[GDX]], [[GDXJ]], [[NUGT]], [[IAU]], [[JNUG]], [[GGN]], [[PHYS]]Fed Chairman Jay Powell offered no surprises in his Senate remarks earlier today, while repeating that inflation will be transitory and the labor market still has a long way to go to recover from the pandemic, Chintan Karnani, director of research at Insignia Consultants, tells MarketWatch.The takeaway from Powell's comments is that inflation would need to rise even more sharply and jobs growth should be consistently higher for any early slowdown of bond purchases by the Fed, Karnani says, as an eventual withdrawal

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Gold climbs to best settlement in nearly a month as Powell plays