Kitco News' general-interest stories takes a look at what is making headlines in the marketplace and how that is impacting precious metals prices
- The gold market has given back some of Wednesday's gains and prices are testing initial support around $1,950 an ounce after Federal Reserve Chair Jerome Powell said the Federal Reserve is prepared to hold interest rates at an elevated level for longer than expected to get inflation back down to its 2% level.
"We are fairly close to where we want to be," Powell said in the press conference following the central bank's decision."We need to see convincing evidence that we are reaching our goals. The worst thing we can do is not restore price stability. It would be a miserable period." Although Powell maintains his hawkish bias, the gold market appears to be taking the latest monetary policy decision in stride. Gold has fallen from its session highs, last trading at $1,952 an ounce, roughly unchanged on the day.
Paul Ashworth, chief North American economist at Capital Economics, continues questioning the Federal Reserve's stance as it increased its economic outlook for this year and 2024.
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