The price of gold increased last week as Jerome Powell, the chairman of the Federal Reserve, gave his virtual speech at the Jackson Hole symposium. By noon, spot gold had risen slightly above 1%, reaching $1,811.50 per ounce, exceeding the $1,800 level for the second time in the week. In New York, U.S. gold futures were trading at $1,811.61 per ounce, a 0.9% increase.
In his speech, Powell stated that the economy has reached a point where it doesn’t need as much policy support, adding that the Fed would begin to decrease its monthly bond purchases before the year’s end. However, this would only be the case if economic progress continues…
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