Stocks in Asia, Europe and Wall Street futures all made gains, setting them on a recovery course after Chinese regulatory worries triggered a sell-off last week.
As Jerome Powell nears the end of his term as Federal Reserve chair, Yellen is getting another chance to shape the future of the central bank.
The Fed has been buying $80 billion of Treasuries and $40 billion of mortgage-backed securities a month to help the economy heal from Covid-19 downturn
Any move to shrink policy support will be based on progress on the Fed's goals for jobs and inflation
Gold prices climbed to a one-month peak on Thursday after US Federal Reserve Chair Jerome Powell soothed investor fears by reassuring that he was in no rush to tighten policy, lifting metal's appeal
Consumer prices soared in June by the most since 2008
'I am legitimately undecided on whether the benefits outweigh the costs or vice versa,' Powell said
WASHINGTON (Reuters) - With the U.S. Federal Reserve in the midst of a complicated policy shift, central bank watchers see a renomination of Jerome Powell to a second 4-year term as Fed chief as increasingly likely, a view bolstered by Powell's standing within the Biden administration and a closely divided Senate.
Spot gold was up 0.3% at $1,812.80 per ounce, as of 0854 GMT. U.S. gold futures gained 0.2% to $1,814.20.
The change in the Fed's forecast and a possible shift in policy is perhaps a good time to review how central banks - including the RBI - responded to the crisis, and debate future possibilities
Gold prices gained on Wednesday after US Federal Reserve Chair Jerome Powell promised not to raise interest rates too quickly based only on the fear of coming inflation
Federal Reserve Chair Jerome Powell reaffirmed the US central bank's intent to encourage a "broad and inclusive" recovery of the job market, and not to raise interest rates too quickly
Wall Street moved past mixed results in early trading to post solid gains by the afternoon, as investors awaited Powell's testimony to a congressional panel
Fed will watch broad set of labor market data, says Powell
Gold inched higher on Tuesday as a halt in the dollar's rally bolstered the appeal of the precious metal ahead of US Federal Reserve Chairman Jerome Powell's testimony to Congress
"Progress on vaccinations has reduced the spread of Covid-19 in the United States," the Federal Open Market Committee said in a statement released Wednesday
Powell was dismissive of anecdotes of labor shortages, explaining it mostly as an allocation problem
Repo and Treasury bill rates have been flirting with zero since the beginning of the year as reserve balances at the central bank swell
Powell is appearing before the committee along with Treasury Secretary Janet Yellen as part of Congressional oversight of the government's response to the pandemic
Gold prices eased on Wednesday, as the dollar touched a more than two-week high after US Federal Reserve Chair Jerome Powell reassured Congress that inflation would not spiral out of control