{"id":26423,"date":"2023-06-23T07:05:32","date_gmt":"2023-06-23T11:05:32","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-prices-retreat-as-fed-powell-expects-more-rate-hikes-ahead\/"},"modified":"2023-06-23T07:05:33","modified_gmt":"2023-06-23T11:05:33","slug":"gold-prices-retreat-as-fed-powell-expects-more-rate-hikes-ahead","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=26423","title":{"rendered":"Gold prices retreat as Fed Powell expects more rate hikes ahead"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002194265\" role=\"document\">\n<p>Gold prices edged lower on Wednesday as traders weighed Federal Reserve Chairman Jerome Powell\u2019s latest remarks after the central bank held its policy interest rate steady last week but signaled there may be two more rate rises this year to lower U.S. inflation further.  <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for August delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"positive\">+0.20%<\/bg-quote><\/p>\n<p>        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"positive\">+0.20%<\/bg-quote><br \/>\n       were off by $2.80, or 0.1%, to settle at $1,944.90 per ounce on Comex. <\/p>\n<\/li>\n<li>\n      Silver futures for July delivery<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"negative\">-0.48%<\/bg-quote><\/p>\n<p>        SIN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210317649\/delayed\" class=\"negative\">-0.48%<\/bg-quote><br \/>\n       were down 42 cents, or 1.8%, to end at $22.81 per ounce. <\/p>\n<\/li>\n<li>\n      Palladium futures for September delivery<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"positive\">+0.86%<\/bg-quote><br \/>\n       were off by $34.80, or 2.5%, to finish at $1,344.30 per ounce, while platinum futures for July<br \/>\n        PLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234960229\/delayed\" class=\"positive\">+0.09%<\/bg-quote><br \/>\n       shed $19, or nearly 2%, to settle at $949 per ounce. <\/p>\n<\/li>\n<li>\n      July copper<br \/>\n        HGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210057830\/delayed\" class=\"negative\">-1.38%<\/bg-quote><br \/>\n       gained 3 cents, or 0.8%, ending at $3.91 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Federal Reserve Chairman Jerome Powell on Wednesday affirmed that more interest-rate increases are likely as inflation is still \u201cwell above\u201d the 2% target, while acknowledging\u00a0there is strong support among his central bank\u2019s colleagues for two additional 25-basis-point rate hikes this year.\u00a0<\/p>\n<div class=\"paywall\">\n<p><strong>See: <\/strong>Powell tells Congress to expect higher interest rates<\/p>\n<p>Last Wednesday, Fed officials held the benchmark interest-rate target steady at between 5% and 5.25%, and indicated more hikes might be appropriate this year. <\/p>\n<p>Fed funds futures traders are now pricing in a 78% chance of a 25-basis point Fed rate hike in July, with no rate cuts seen by the end of this year. Traders also see a slightly higher chance of another quarter-of-a-percentage-point rate hike by the Fed in September, according to the CME\u2019s Fedwatch tool. <\/p>\n<p>Treasury yields rose on Wednesday as Powell maintained his hawkish tone, with the benchmark 10-year Treasury yields<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">3.746%<\/bg-quote><br \/>\n       up 3.731% from 3.726% Tuesday afternoon. <\/p>\n<p>The ICE U.S. Dollar index\u00a0<br \/>\n        DXY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598269\/delayed\" class=\"positive\">+0.58%<\/bg-quote><br \/>\n      \u00a0traded 0.4% lower, at 102.14 Wednesday afternoon.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-prices-retreat-ahead-of-powell-testimony-cc7cc1c?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices edged lower on Wednesday as traders weighed Federal Reserve Chairman Jerome Powell\u2019s latest remarks after the central bank held its policy interest rate steady last week but signaled there may be two more rate rises this year to lower U.S. inflation further. Price action Gold futures for August delivery GC00, +0.20% GCQ23, +0.20% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-26423","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold prices retreat as Fed Powell expects more rate hikes ahead | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold prices edged lower on Wednesday as traders weighed Federal Reserve Chairman Jerome Powell\u2019s latest remarks after the central bank held its policy\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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