Gold ran around the lowest level of a year after Powell

Gold prices remained close to the lows of last year, after the central bank of Federal Reserve Chairman Jerome Powell announced that it would continue to gradually increase its borrowing costs, putting pressure on unpaid gold.

Spot gold fell over 1% Tuesday to $ 1,227.54 an ounce, remaining unchanged at $ 1,228.83 at 10:31 Singapore time, following the lowest close since July 2017.

Gold fell 10% at its peak in 2016, as the Fed tightened its monetary policy, reinforcing the nature and impact of the stock pickup.

Powell's presentation to the Senate Banking Committee on Tuesday underscored the uncertainty the Fed faces in supporting the growth of financial incentives, as well as the intention to increase rates of interest. interest and growth risks of a trade war.

Oanda Corp. "With the strengthening of the dollar, gold prices must remain under downward pressure in the foreseeable future, because the dollar and the equities are losing their attractiveness given their current position," he said. Stephen Innes, Director of Asia-Pacific Operations.