Palladium hit a record high

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      Gold prices rose first on Wednesday and then fell after a statement by Federal Reserve Chairman Powell.
Palladium hit a record high, driven by supply shortages.
Spot gold fell after Federal Reserve Chairman Powell's statement, rising 0.5% to $1494.16 an ounce. US gold ended 0.4% higher at $1496.70 an ounce.
On Wednesday, the Federal Reserve announced a third rate cut for the year to ensure the U.S. economy can withstand the impact of the global trade war without falling into recession, but hinted that the rate cut cycle might come to an end.
"A 25 basis point cut is expected. The main driver of gold prices will be Powell's tone. He may send a signal of patience after the rate cut. You will say that he is a hawk. This could lead to a weaker gold price in the short term, "said Ryan McKay, commodities strategist at Dow securities.
A U.S. government official said Tuesday that a temporary trade agreement between the United States and China may not be signed in Chile as expected next month, but that does not mean the agreement is broken.


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