Fed Chair Powell's Comments on Tighter Credit Conditions Boost Gold Prices.

Gold prices rose after Federal Reserve Chair Jerome Powell said that rates may not have to rise as much due to tighter credit conditions after the banking sector turmoil. Powell's comments suggest that he could be looking to pause in June, calming the gold market after investors began to price in another 25-basis point hike next month. Market expectations of a rate hike in June fell from nearly 50% to just 18.5% after Powell spoke. Gold jumped around $20 after hitting a low of $1,956.30 earlier in the session.