PRECIOUS-Gold flat as traders brace for Powell's speech

BY Reuters | ECONOMIC | 11/29/22 07:46 PM EST

Nov 30 (Reuters) - Gold prices were little changed on Wednesday, with investors largely focusing on Federal Reserve Chair Jerome Powell's speech for insights into the U.S. central bank's monetary policy path.

FUNDAMENTALS

* Spot gold was flat at $1,750.00 per ounce, as of 0019 GMT. U.S. gold futures fell 0.1% to $1,746.80.

* Powell's speech at a Brookings Institution event scheduled for 1830 GMT will be evaluated for any new signs of hawkishness. The ADP National Employment report is due at 1315 GMT.

* Rising interest rates tend to dull bullion's appeal as the metal pays no interest.

* U.S. consumer confidence slipped to a four-month low in November, with households less keen to spend on big-ticket items over the next six months amid high inflation and rising borrowing costs, heightening the risks of a recession next year.

* The ongoing COVID-19 pandemic and problems in China's real estate sector pose continued risks to China's economy, the head of the International Monetary Fund said on Tuesday, adding that the fund may have to revise its growth projection downwards.

* Spot silver slipped 0.2% to $21.23, platinum fell 0.1% to $1,000.88 and palladium rose 0.2% to $1,837.58.

DATA/EVENTS (GMT)

0030 Australia Building Approval Total YY Oct

0130 China NBS Manufacturing PMI Nov

0745 France GDP QQ Final Q3

0745 France CPI (EU Norm) Prelim YY Nov

0745 France Producer Prices YY Oct

0855 Germany Unemployment Chg, Rate SA Nov

1000 EU HICP Flash YY Nov

1000 EU HICP-X, F, E, A & T Flash MM, YY Nov

1330 US GDP 2nd Estimate Q3

1900 US Federal Reserve issues the Beige Book of economic condition (Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Subhranshu Sahu)

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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