Gold Edges Higher as Greenback Wavers Amid Hawkish Rates Stance
- Kashkari says markets absorbing Fed’s vow to fight inflation
- Bullion near one-month low after Powell’s Jackson Hole speech
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Gold edged lower as traders weighed the Federal Reserve’s commitment to keeping monetary policy tight for some time in the wake of Chair Jerome Powell’s comments on Friday.
Powell indicated at Jackson Hole that the Fed was likely to keep raising interest rates and leave them elevated to quell inflation -- even at the risk of the economy suffering. A stronger dollar and rising Treasury yields have been weighing on gold, which fell to a one-month low on Monday and is set for a fifth monthly drop.