Jeremy Powell says current price increases are transitory and economic support will continue
Bengaluru — Gold prices slipped on Thursday, just below a four-week high hit in the previous session as the dollar clawed up in Asia trade after falling the day before as US Federal Reserve chair Jeremy Powell signalled “powerful support” for economic recovery.
At the beginning of his two-day testimony before the Congress, Powell stuck to the view that the current price increases are transitory and the Fed expects to continue its bond buying until there is “substantial further progress” on jobs, with interest rates pinned near zero likely until at least 2023.
“The conditions are relatively supportive of further gains [in gold … It’s not going to be a sprint but a very gentle, gradual trend higher for the year at the moment,” Hynes added.
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