2023-06-28 20:09:57
Global gold prices declined during mid-day trading in the New York market, approaching a drop to $1,900 an ounce, following statements by Jerome Powell, Chairman of the Federal Reserve (the central bank), during which he hinted that the Fed will keep monetary policy tight for a longer period.
Gold futures prices fell by $9.20, or 0.48 percent, to record $1914.60 an ounce, its lowest level in three months.
Powell hinted, in his speech during his participation in the European Central Bank forum in Portugal, to raise interest rates twice or more during the current year, in light of the continued high inflation rates despite the successive interest increases.
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