Gold Hovers Above One Week Low – 22 March, 2022

Gold prices were over 1% lower hovering above a one week low after U.S. Federal Reserve Chair Jerome Powell dropped hints of a large rate hike later this year to curb inflation. Spot gold fell 0.73% to $1,921.82 per ounce, while U.S. gold futures were 0.4% lower at $1,924.8 per ounce. Powell commented on policymakers need to move fast as inflation runs hot, raising the possibility of 50 basis point hikes. Pressure on the precious metal has been relatively muted as investors turn their attention to the attacks on Ukraine.