(Kitco News) - The gold market continues to tread water below $1,950 an ounce as it finds little direction from the latest comments from Federal Reserve Chair Jerome Powell.
Friday, Powell provided little new information on the central bank's monetary policy, saying that the Federal Reserve will remain cautious as it focuses on bringing inflation back to its 2% target. The comments were made during the annual central bank retreat at Jackson Hole, Wyoming.
"As is often the case, we are navigating by the stars under cloudy skies. In such circumstances, risk-management considerations are critical. At upcoming meetings, we will assess our progress based on the totality of the data and the evolving outlook and risks. Based on this assessment, we will proceed carefully as we decide whether to tighten further or, instead, to hold the policy rate constant and await further data," he said.
Adam Button, head of currency strategy at Forexlive.com, described Powell's comments as "a bit of a dud." However, Jim Wyckoff, senior technical analyst at Kitco.com, said that he said Powell struck a more hawkish tone as he focused on the central bank's inflation target.
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