Gold falls slightly after Powell testimony

Gold contracts closed lower on Wednesday (June 22) after Jerome Powell, chairman of the U.S. Federal Reserve (Fed), confirmed to Congress that the Fed will continue to raise interest rates to curb inflation.

  • The gold contract was down 40 cents, or 0.02%, at $1,838.40 per ounce.
  • Silver was down 34.7 cents, or 1.59%, at $21.421 an ounce.
  • The platinum contract was down $12.6, or 1.34%, at $926.9 per ounce.
  • Palladium fell $24.80, or 1.3%, at $1,837.90 an ounce.

The Fed Chairman confirmed to Congress yesterday that the Fed is committed to curbing inflation. And the Fed is fast approaching that goal. The Fed has both the tools and the intention to restore price stability for American households and businesses.

“We need to get inflation back down to 2%. We’re using our tools to do that. And the public should believe that we will get inflation back down to 2% over time,”

Powell said.

After making a statement to the Senate Banking Committee yesterday, Powell will address the House Of Representatives financial service committee today (June 23).

The Spot Market is Open

Thursday, June 23, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
11.00
1,832.80
1,833.80
-5.20
-0.28%
1,832.50
1,839.70
Silver
11.00
21.27
21.37
-0.15
-0.70%
21.25
21.53
Palladium
10.50
927.00
937.00
-1.00
-0.11%
923.00
939.00
Platinum
09.00
1,796.00
1,946.00
+2.00
+0.11%
1,787.00
1,952.00
Rhodium
05.00
12,350.00
14,350.00
0.00
0.00%
12,350.00
14,350.00

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