Fed Chair Powell's Comments Keep Gold Prices Stable

Gold prices held steady as Federal Reserve Chair Jerome Powell testified that the speed of rate hikes is no longer "very important," supporting a more moderate pace of increases. Powell compared the end of the hiking cycle to driving a vehicle and getting closer to your destination. Following the release of Powell's statement, gold fell to a daily low of $1,929.30 an ounce. But the precious metal pared back some losses during the Q&A portion of Powell's testimony. Powell also discussed the banking sector, de-dollarization, stablecoins, and CBDCs.