Gold was unable to re-take $2,000 level this week. But there was plenty of volatility keeping investors on their toes.The biggest event was Fed Chair Jerome Powell introducing a new approach to setting monetary policy, which lets inflation and employment run higher. The Fed will now seek inflation that averages 2% over time. This shift ensures that interest rates remain low for years to come.And even though this creates a very positive environment for precious metals, gold did not respond as expected. First gold rallied to a new daily high of $1,987 an ounce on Thursday and then plunged more than $72 in just under an hour. Analysts told Kitco News that the selloff was triggered because markets wanted to hear more from Powell and they did not get it.In his speech, Powell seemed to have kicked off the second phase of the recovery with the focus shifting from money printing to accelerating job growth.