Fed remarks trigger gold decline
Gold prices declined by more than 3% during yesterday's trading session, due to rising market concerns over the continued rate hikes by the U.S. Federal Reserve and the Fed Chairmen's emphasis on the importance of controlling inflation. The decrease came alongside a 0.57% rise in the dollar, as Federal Reserve Chairman Kevin Warch confirmed that the fight against inflation is not over yet, and that sustained inflation above the target may lead the bank to implement more aggressive measures. Forward interest rate and inflation expectations will determine how much these statements will impact the gold price, which dropped to $4,453.57 per ounce, amid other influencing factors such as geopolitical tensions and global economic outlooks.
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