Gold drops as markets absorb Fed Chair’s remarks

Gold rose on Friday, Nov. 10, following Federal Reserve Chair Jerome Powell’s hawkish statements. Powell says the Fed is not confident a stance of monetary policy.

Gold for December delivery edged down 0.57% to $1,958.50 per ounce at 10:32 am KSA time. Gold is set for a drop for the second straight week.

Spot gold declined 0.16% to $1,955.38 per ounce. Silver contracts for December delivery shed 1.07% to $22.66. Spot platinum inched 0.12% lower to $861.50 per ounce.

“The Federal Open Market Committee is committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2 percent over time; we are not confident that we have achieved such a stance,” Powell said in his speech.