Gold prices decline as focus shifts to Fed officials’ restrictive policy statements

Gold futures declined today after Chairman Powell spoke about a change regarding interest rate cuts this year saying that the fight to tame inflation has appeared to have stalled. Because of that central bankers need more confidence that inflation was on track to decline to its 2% target. Chairman Powell along with other Fed officials said that it is most likely that the Federal Reserve will maintain the current Fed funds rates which are between 5 ¼% and 5 ½% for longer.

Also, Jamie Cox, a managing partner at Harris Financial Group said,"Markets need to focus on the fact that rates are sufficiently restrictive, instead of how many cuts are in the pipeline." Recent reports on inflation such as the Consumer Price Index and the Personal Consumption Expenditures report have shown that components of inflation such as energy and housing costs remain elevated.

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