Gold hovers near mid-March low as Powell flags more rate hikes

Gold prices remained near a four-month low due to comments made by Federal Reserve Chair Jerome Powell, who suggested more interest rate hikes were likely to combat inflation. The dollar index held steady, and investors now see an 81% chance of a rate hike in July. High interest rates discourage investing in gold, which has no yield. Market participants are eagerly awaiting economic data including jobless claims, GDP numbers, and personal consumption expenditures data. In other metals, silver, platinum, and palladium saw slight gains.