Gold drops as markets absorb Fed Chair’s remarks

10/11/2023 Argaam

Gold drops as markets absorb Fed Chair’s remarks

Gold rose on Friday, Nov. 10, following Federal Reserve Chair Jerome Powell’s hawkish statements. Powell says the Fed is not confident a stance of monetary policy.

 

Gold for December delivery edged down 0.57% to $1,958.50 per ounce at 10:32 am KSA time. Gold is set for a drop for the second straight week.

 

Spot gold declined 0.16% to $1,955.38 per ounce. Silver contracts for December delivery shed 1.07% to $22.66. Spot platinum inched 0.12% lower to $861.50 per ounce.

 

“The Federal Open Market Committee is committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2 percent over time; we are not confident that we have achieved such a stance,” Powell said in his speech.

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