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Staff of Reuters Read for 2 minutes 15 JULY (Reuters) – After U.S. Federal Reserve Chair Jeremy Powell signaled “strong support” for economic recovery and boosted the metal’s appeal as an inflation hedge, gold prices were steady on Thursday, lingering near a four-week high set in the previous session. As of 0050 GMT, spot gold was stable at $1,824.81 per ounce, after hitting a high of $1,829.55 on Wednesday, the highest since June 16. * Gold futures in the United States rose 0.1 percent to $1,826.40 per ounce. Powell maintained throughout his two-day testimony before Congress that current price hikes are only temporary and that the central bank is focused on getting as many people back to work as possible. Gold, which is typically regarded a hedge against inflation and currency debasement, tends to benefit from large stimulus measures. In June, producer prices in the United States surged, resulting in the highest annual gain in more than 10-1/2 years. Before revising its perspective and tightening policy, the European Central Bank needs to see stronger core inflation, according to ECB board member Isabel Schnabel. * The Delta version of the coronavirus will account for 90% of strains in circulation in the European Union by the end of August, according to Europe’s pharmaceuticals regulator. Silver slid 0.3 percent to $26.16 per ounce, palladium 0.8 percent to $2,806.78 per ounce, and platinum 0.5 percent to $1,123.83 per ounce. EVENTS/DATA (GMT) 0200 China Urban Investment (YTD) YY June 0200 China Industrial Output YY June 0200 China Retail Sales YY June 0200 China GDP YY Q2 0600 UK Claimant Count Unem Chng June 0600 UK Claimant Count Unem Chng June 0600 UK Claimant Count Unem Chng June 0600 UK Claimant Count Unem Chng June 0600 UK Claimant Count Unem Chng June 0600 UK Claimant May 1000 EU Reserve Assets Total June 1230 US Initial Jobless Clm Weekly 1230 US Philly Fed Business Indx July 1315 US Industrial Production MM June 1230 US Initial Jobless Clm Weekly 1230 US Philly Fed Business Indx Eileen Soreng contributed reporting from Bengaluru, and Sherry Jacob-Phillips edited the piece./nRead More

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