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Gold Down, as the Dollar Strengthens over the Fed’s Tightened Policies

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Gold was down on Friday morning in Asia, holding near a three-month low as the dollar continued to strengthen over the U.S. Federal Reserve’s tightening policies.

Fed Chair Jerome Powell called stable prices the “bedrock” of the economy, saying on Thursday that the central bank’s battle to cool inflation would “include some pain” as the impact of higher interest rates is felt. But he said the worse outcome would be the prices to continue speeding ahead.

On the data front, the U.S. Producer Price Index (PPI) released on Thursday showed a growth of 0.5% month-on-month in April, slower than the 1.6% increase in March, due to the easing pressure of rising costs for energy products.

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