Gold Up After Stark Powell Speech Spooks Stocks….LIVE NEWS UPDATE BY ROYAL TRADERS

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Gold was up on Thursday morning in Asia, with investors turning to the yellow metal after a grim speech by U.S. Federal Reserve Chair Jerome Powell.

Gold futures were up by a modest 0.28% at $1,721.25 by 12:08 PM ET (5:08 AM GMT).

Powell handed down a grim economic assessment during his speech on Wednesday, warning of a “significantly worse” U.S. recession than any downturn since World War Two as the COVID-19 virus continues to wreck economic havoc globally.

Stocks, which usually have an inverse relationship with gold, suffered a second day of retreats on Thursday.

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