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Gold holds drop as Powell says Fed in no hurry to adjust rates

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Bullion earlier tumbled by as much as 2.1% after China and the US confirmed upcoming trade talks, easing demand for safe havens.
Gold prices remained stable after an initial drop following comments from Federal Reserve Chairman Jerome Powell, who indicated that the Fed is not in a rush to adjust interest rates. Powell's remarks, made during a panel discussion at the European Central Bank Forum in Sintra, Portugal, suggested a cautious approach to monetary policy, emphasizing the need to monitor economic data closely before making any changes. This stance led to a brief decline in gold prices, but they soon recovered as investors weighed the implications of a steady rate environment. The article also notes that gold's performance is influenced by various factors, including inflation expectations and global economic uncertainty, which continue to support its value as a safe-haven asset.

Read the Full Fortune Article at:
[ https://fortune.com/article/gold-holds-drop-as-powell-says-fed-in-no-hurry-to-adjust-rates/ ]