WASHINGTON (dpa-AFX) - Gold futures settled lower on Friday as the dollar gained in strength after Fed Chair Jerome Powell said at the Jackson Hole Symposium that further interest rate increases could be necessary in the fight against inflation.
The dollar index, which dropped to 103.74 around mid morning, rose to 104.45 after Powell's speech, and despite paring some gains, was up modestly at 104.15 a little while ago.
Gold futures for December ended down $7.20 at $1,939.90 an ounce.
Silver futures for September ended up $0.004 at $24.234 an ounce, while Copper futures for September settled at $3.7620 per pound, down $0.0090 from the previous close.
Powell, who compared monetary policy to 'navigating by the stars under cloudy skies,' reiterated the Fed's target of 2% inflation, and called it 'challenging' to know when monetary policy is restrictive enough to 'know in real time when such a stance has been achieved.'
Powell promised to proceed carefully with future monetary policy decisions, calling restoring price stability essential to achieving the Fed's dual mandates of 2% inflation over time and maximum employment.
The Fed's monetary policy committee is next scheduled to meet September 19-20, with the central bank widely expected to leave interest rates unchanged.
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