COMMODITIES(B-Trams):Gold prices fell to a one-week low on Wednesday after Jerome Powell, chair of the US Federal Reserve, stated that inflationary pressures may require interest rates to rise more than anticipated.
AsĀ spot gold was trading at $1,810.84 per ounce, down 0.2%. To $1,813.60, US gold futures lost 0.4 percent.
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Powell stated on the first day of his semi-annual, two-day testimony before Congress that the US Fed will likely need to raise interest rates more than anticipated in response to recent strong data.
And is prepared to move in larger steps if the “totality” of incoming information suggests that tougher measures are required to control inflation.
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