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Gold futures end lower for the session and week after Powell’s remarks

gold-futures-end-lower-for-the-session-and-week-after-powell’s-remarks

Gold futures settled Friday with a loss for the session as well as the week after remarks at the Jackson Hole retreat from Federal Reserve Chairman Jerome Powell pointed to more interest rate hikes as the central bank continues its efforts to tame inflation. It seems that everyone settled on the “‘tighter for longer’ interpretation,” of the remarks, “sparking deep, across-the-board selling in all the markets,” said Brien Lundin, editor of Gold Newsletter. “Gold and silver certainly were not immune.” December gold GCZ22, -1.20% declined by $21.60, or 1.2%, to settle at $1,749.80 an ounce. For the week, the most-active contract lost 0.7%, according to Dow Jones Market Data.

Source: Marketwatch

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