February 27, 2018 / 3:28 PM / 10 months ago

BUZZ-Gold stocks: Dip as Powell maintains gradual rate hike plan

** U.S. shares of gold miners slip as bullion comes under pressure on mildly hawkish tone from new Fed Chairman Jerome Powell

** Spot gold down 0.3 pct at $1,329.61 an ounce

** Powell says U.S. central bank pledged to stick with gradual increases to interest rate hike

** Gold stocks fall: Kinross Gold, Gold Fields , Yamana Gold off more than 1 pct; AngloGold Ashanti loses 2.3 pct

** Powell comments takes wind out of other defensive assets like utilities and real estate

** Even with recent market selloff, gold has been unable to keep up with equity market that’s supported by strengthening macro economic conditions

** Benchmark S&P 500 has gained 32 pct YTD while gold has risen 12 pct (Reporting by Yashaswini Swamynathan in Bengaluru)

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