Gold below $1750 after Jerome Powell's speech:
The price of gold fell in late trading last Friday followed the speech of Jerome Powell, Chairman of the US Reserve, registering the second consecutive weekly loss.
Powell, speaking in Jackson Hole on Friday. He stressed the need to continue to raise interest rates to counter high inflation.
Powell warned that a rapid rise in interest rates could hurt the economy, individuals and businesses. But that damage is less than leaving inflation unchecked.
He said US households and businesses could suffer from decisions to raise interest rates. But the council fears entering a recession.
He indicated that the US Central Bank will continue to implement monetary tightening policy. During the remaining months of this year, to curb high inflation.