Gold prices rebounded on Friday following a sharp plunge in the prior session as Federal Reserve Chair Jerome Powell reiterated the central banks commitment to aggressively fighting inflation during remarks at the Cato Institutes 40th Annual Monetary Conference on Thursday. Powell also once again warned about the dangers of allowing elevated prices to become entrenched, noting the Fed has a responsibility to bring inflation back down to 2 percent. Meanwhile, dollar index retreating from 20 year peaks is also supporting the yellow metal. Gold is currently quoting higher by 0.62% at $ 1730.95 an ounce.Powered by Commodity Insights
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