Gold Prices Spike Above $1,400 As Fed's Powell Highlights Growing Economic Uncertainty-Kitco
"Gold prices have pushed back above $1,400 an ounce reacting to dovish comments from Federal Reserve Chair Jerome Powell that signals looser monetary policy. In his testimony before the U.S. House Committee of Financial Services, Powell highlighted growing risks to the U.S. economy.
'Many FOMC participants saw that the case for a somewhat more accommodative monetary policy had strengthened,' he said in his opening statement, which was released 90 minutes before the hearing. 'Since then, based on incoming data and other developments, it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the U.S. economic outlook. Inflation pressures remain muted'....'Growth indicators from around the world have disappointed on net, raising concerns that weakness in the global economy will continue to affect the U.S. economy. These concerns may have contributed to the drop in business confidence in some recent surveys and may have started to show through to incoming data,' he said."