"Powell's Speech Overshadows Gold as Risk Assets Take Center Stage"

Gold prices edged lower as risk appetite increased and investors awaited further guidance on the Federal Reserve's monetary policy. The recent speech by Fed Chair Jerome Powell, combined with weaker-than-expected U.S. jobs data, has raised expectations that the Fed will halt its current rate-hiking cycle, boosting investors' risk appetite. This has led to a diversion of flows from gold to other assets, resulting in a slight drop in bullion prices. Traders are now pricing in a high likelihood of the Fed keeping rates unchanged in December and potentially easing policy as early as June. Additionally, a rise in benchmark Treasury yields and a rally in world shares have further diminished gold's appeal.