Gold prices fell on Wednesday after hitting an all-time high in the previous session, as Federal Reserve Chairman Jerome Powell's comments leaning toward monetary tightening reinforced expectations of a slowdown in interest rate cuts this year, as investors await an important report on inflation. Spot gold fell 0.1 percent to $2,895.38 an ounce, after climbing to a record high of $2,942.70 on Tuesday. U.S. gold futures fell 0.4% to $2,922.40.
Powell said the economy was generally strong and the central bank was in no hurry to cut interest rates again, but was ready to take the move if inflation fell or the labor market weakened.
Source (Al-Arabiya.net Website, Edited)
