June gold futures were last down $15.50 at $1,776.30 and July Comex silver was last down $0.53 at $26.41 an ounce.
“It may be that interest rates will have to rise somewhat to make sure that our economy doesn’t overheat, even though the additional spending is relatively small relative to the size of the economy,” she said in the presentation, catching the marketplace by surprise.
With no major geopolitical fires burning at present and Covid-19 mostly tamped down in most major economies, focus of traders and investors had been mostly upbeat quarterly corporate earnings reports and the still-easy monetary policies of the major central banks of the world.
Nymex crude oil prices are higher, hit a six-week high, and are trading around $65.60 a barrel.
Technically, June gold futures bulls have the slight overall near-term technical advantage as a four-week-old uptrend on the daily bar chart has been restarted.
The next downside price objective for the bears is closing prices below solid support at last week’s low of $25.745.
Copper bulls’ next upside price objective is pushing and closing prices above solid technical resistance at 460.00 cents.