Gold prices dip after Fed Chair Powell’s rate comments

Gold prices decreased from their all-time highs on Wednesday following comments from Federal Reserve Chair Jerome Powell suggesting that there was no immediate need to lower interest rates.

Spot gold prices dropped by 0.52 per cent to $2,882.44 per ounce at 12:44 GMT, compared to the previous closing price of $2,897.61.

Meanwhile, US gold futures also decreased 0.85 per cent to $2,907.71, compared to Tuesday’s closing of $2,932.6.

Attribution: Amwal Al Ghad English, Reuters

Subediting: M. S. Salama