💨 Abstract

Gold prices dipped on Wednesday following a record high on Tuesday, due to hawkish comments from Federal Reserve Chair Jerome Powell regarding slower rate cuts this year. Investors are awaiting a key U.S. inflation report and the release of U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) data. Gold is seen as a hedge against inflation, but higher interest rates reduce its appeal.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖