Gold Prices Plunge For a Third Straight Week

Gold Prices Plunge For a Third Straight Week

Weighing the effect of the Federal Reserve’s latest approach for setting the US monetary policy, investors let the gold prices dip once again. It was the third straight weekly loss for the yellow metal.

The US monetary policy seemingly taking a slow stance toward inflation. Jerome Powell, the chairman of the Federal, said that the organisation was seeking inflation that averaged 2 per cent over time. The step would initiate price gains to overshoot. However, he also stated that the central bank wouldn’t think twice to act if inflation expectations were to build complying with their goals.

Interestingly, gold had risen sharply on Thursday after investors parsing on the delivered speech. The bullion even touched its all-time-high this month after the central bank and governments injected stimulus for controlling the deepened effect of coronavirus on economies.

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