Gold price stuck at daily lows as markets fear higher peak in rates gold Powell Fed
The gold market dropped 2% on the day as investors were spooked by the hawkish testimony from Federal Reserve Chair Jerome Powell, which revealed a higher rate peak than previously thought.
Analysts interpreted Powell's comments as very hawkish but noted that this kind of tone was largely anticipated. "Another upside surprise from inflation in next week's release would likely be enough to push the Fed back to a half percentage point hike later this month," said Bill Adams, chief economist at Comerica Bank."Financial markets are pricing in roughly 50-50 odds that the Fed raises its target rate to over 5.5% by the second half of this year."
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