ThegoldIt rose on Wednesday as the dollar eased and headed for its biggest monthly gain in more than two years as investors prepared for a speech by U.S. Federal Reserve Chairman Jerome Powell looking for clues about future interest rate hikes.

Spot gold was up 0.6 percent at $1,760.56 an ounce at 0921 GMT. U.S. gold futures gained 0.6 percent to $1,759.40.

Gold is on track for a 7.8% monthly rally, which would be the best since July 2020, and follows a seven-month losing streak.

“Overall, the scenario improves for both gold andsilver. Gold is in a consolidation phase after recent gains and markets are in standby mode, waiting for more clarity from the Fed,” said Carlo Alberto De Casa, external analyst at Kinesis Money.

TheDollar IndexThe U.S. bullion fell 0.4%, making bullion less expensive for those with other currencies.

Market participants are focused on Powell’s upcoming speech at a Brookings Institution event at 1830 GMT to get any indication on the central bank’s policy strategy ahead of its December meeting.

The Fed is expected to raise interest rates by 50 basis points, after four consecutive 75 basis point hikes, to control inflation. A smaller rise could boost gold.

“If Powell takes a hawkish stance, the dollar will strengthen and gold will go down, probably to the $1,745 level. But if it is more dove, gold could rise to the $1,780 level,” said Edward Meir, an analyst at ED&F Man Capital Markets.

Investors will also closely monitor ADP’s national jobs report at 1315 GMT.

Spot silver rose 0.9% to $21.47 an ounce, on track for its best monthly gain since December 2020.

TheplatinumIt rose 1.4% to $1,016.00, on track for its biggest monthly gain since February 2021.

ThepalladiumIt rose 2.7% to $1,882.63 and gained 2.5% so far this month.