Gold Sharply Down On Hawkish Tone From Fed Chairman Powell
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(Kitco News) - Gold prices have dropped to sharply lower levels and are at atwo-week low in midday trading Tuesday, following remarks to U.S. lawmakersfrom new Federal Reserve Chairman Jerome Powell. Powell said the U.S. economyhas strengthened since December, but that inflationary pressures are notproblematic. His comments were deemed to be hawkish on U.S. monetary policy andthe U.S. dollar index has rallied to score solid gains at midday, which in turnhas led to selling pressure in the gold and silver markets. Aprilgold was lastdown $15.20 an ounce at $1,317.50.
By Jim WyckoffFor Kitco News
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jwyckoff@kitco.comwww.kitco.com Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.