Gold prices end lower as the Fed’s Powell suggests more rate hikes on tap

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Gold futures ended lower on Thursday, pressured by remarks from Federal Reserve Chairman Jerome Powell that implied the central bank will continue to boost interest rate as it attempts to bring down inflation. U.S. initial jobless claims fell last week to a three-and-a-half-month low, “underscoring a robust jobs market even as the Fed launches monetary bazookas,” said Lukman Otunuga, manager, market analysis, at FXTM. “This is likely to fuel speculation around more aggressive rate hikes — ultimately punishing zero-yielding gold.” December gold GCZ22, +0.06% fell $7.60, or 0.4%, to settle at $1,720.20 an ounce on Comex.

This article was originally published by Marketwatch.com. Read the original article here.

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