Producers of metals and other raw materials rose sharply as the dollar continued its retreat following testimony from Federal Reserve Chair Jerome Powell.
Powell told lawmakers the central bank was "not far" from being able to cut interest rates and that rates were far above levels that might be anticipated during periods of mild inflation and moderate growth. At 102.81, the U.S. Dollar Index, or DXY, is now trading closer to its 52-week lows than its 52-week highs.
The dollar weakness has buoyed gold futures to all-time highs, settling Thursday up 0.4% at $2158 an ounce. The shift in currencies and commodities will be tested by Friday's jobs data, strategists said.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
03-07-24 1743ET
