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Gold lost ground after Powell’s statements

LAST UPDATE 21:50

Gold ended Tuesday’s trading session with a negative sign, losing the gains it was found to record earlier, as the current statements by Federal Reserve Chairman Jerome Powell in the Senate brought to the fore the possibility that the central bank will end bond purchases earlier than expected in order to deal with inflation.

In particular, the February gold contract lost $ 8.70 or 0.5% and closed at $ 1,776.50 per ounce. On a monthly basis, the precious metal lost 0.4%.

Federal Reserve Chairman Jerome Powell said today that the US Federal Reserve is likely to discuss at its next meeting the possibility of accelerating its gradual cuts in its bond-buying program amid a strong economy and speculation that inflation is rallying. is expected to continue until the middle of next year.

“Right now, the economy is very strong and inflationary pressures are high. In this context, the appropriate approach is, in my view, to look at the completion of bond markets – something we announced at the November meeting – maybe a few. “months earlier,” Powell told the Senate Banking Committee, according to Reuters. “I expect we will discuss this at our next meeting in a few weeks,” he said, warning that inflation may not be a transitional phenomenon.

The next Fed monetary policy meeting is on December 14-15.

March silver, meanwhile, lost 4 cents, or 0.2%, to $ 22.815 an ounce, with prices down about 4.7% for November. March copper fell 1.4% to $ 4.28 a pound – down 2% on a monthly basis.

As for the rest of the metals, January platinum plunged 3.9% to $ 927.30 per ounce, with precious metals losing a total of 9.2% for November. Finally, palladium for March fell 4.7% to $ 1,705.50 an ounce, losing a total of 13.9% since the end of last month.

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