Gold Retreats After Fed Stimulus Comments, Dollar Gains
- Harker says Fed needs to start discussing tapering time line
- BlackRock CEO sees potential for ‘big shock’ from inflation
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Gold declined from its highest level in almost five months as investors assess the latest comments from U.S. Federal Reserve officials for clues on a potential time frame for tapering stimulus. The dollar rose, adding further pressure to prices.
Philadelphia Fed President Patrick Harker said Wednesday it’s appropriate “to slowly, carefully move back” on bond purchases at a suitable time. Officials have said they will begin scaling back buying when the economy has made “substantial further progress” toward their goals, a condition many Fed-watchers believe will be met later this year.