WASHINGTON (dpa-AFX) - Gold traded lower on Thursday and the dollar ticked higher after global central bank chiefs signaled further policy tightening to tame stubbornly high inflation.
Spot gold edged down 0.2 percent to $1,904.49 per ounce, while U.S. gold futures were down half a percent at $1,912.60.
Federal Reserve Chair Jerome Powell said on Wednesday that the U.S. central bank would deliver more interest rates hikes by the end of the year in its prolonged fight against high inflation.
Powell also said at the ECB forum in Sintra, Portugal, that there was 'more restriction coming' and successive rate rises were not off the table.
Separately, European Central Bank President Christine Lagarde said that the battle against persistently high inflation is not over, confirming another rate hike in July.
Bank of England Governor Andrew Bailey also cited the persistently high inflation and a resilient economy, especially the labor market, for the decision to deliver a bigger-than-expected 50 basis points hike this month. Bailey expects interest rates to stay higher for longer.
Trading later in the day may be impacted by reaction to U.S. reports on weekly jobless claims and pending home sales as well as the final reading on first quarter GDP.
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