A slight drop in gold prices before the upcoming federal position

Gold prices have recorded a minor decline this week before an important speech by the Federal Reserve chairman, Jerome Powell, who can provide new indicators on the way of the central bank’s monetary policy. The precious metal was traded in early Asian transactions at about $ 3.315 per gram, which retained a 0.5% decline, after the recent efforts to stop the war between Russia and Ukraine influenced the demand for safe havens. Attention is on the way to the annual speech of Jackson Hall, Wyoming, Friday, in light of the strong expectations that federal borrowing costs will lower by a percentage point next month. The decline in interest is positive for gold, as it originally does not know. The data complicates the federal position that holds the bank’s cash facilitation path due to higher inflation data than last week, which some traders have encouraged to reduce their bets to reduce interest. On the other hand, Powell is under pressure from President Donald Trump to carry out significant discounts, despite the federal president’s concerns that the agenda of customs duties will increase inflation pressure. Gold has achieved profits of more than 25% since the beginning of the year, supported by the purchases of the central bank, the flow of funds that spread on the stock exchange, geopolitical tensions, in addition to concerns about the impact of customs duties on the global economy. Despite the circulation within a relatively close range for several months, analysts expect more profits against the background of expectations to reduce interest and continue with the efforts to stay away from the dollar. Immediate gold settled at $ 3,314.89 per gram at 08:28 o’clock. The “Bloomberg” index for the immediate dollar increased by 0.1%, while the prices of silver, platinum and Albalium remained stable without change.