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.

Gold futures were down 0.02% to $1,824.17 by 11:07 PM ET (3:07 AM GMT). Bul is set for a 3.2% weekly drop, its biggest in two months.

The dollar, which normally moves inversely to gold, edged down on Friday morning.

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.

Data released on Thursday also showed that the U.S. Initial Jobless Claims increased to 203,000 last week. The figure was above 195,000 forecasted by and 202,000 the previous week.


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