(Kitco News) – Gold prices have fallen to session lows as Federal Reserve Chair Jerome Powell strikes an expected hawkish tone in his much-anticipated speech at Jackson Hole Wyoming.
In this speech, Powell reiterated that inflation remains the biggest threat to the economy and the central bank is committed to brining consumer price back down to its target of 2%.
“Restoring price stability will likely require maintaining a restrictive policy stance for some time. The historical record cautions strongly against prematurely loosening policy,” he said in his remarks during the central bank symposium.
The gold market continue to hold support above $1,750 an ounce, however it is struggling to attract new bullish momentum as markets expect to see further rate hikes.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.