Gold's price (XAU/USD) is facing some profit-taking pressure and trades below $2,900 throughout this Wednesday after Federal Reserve (Fed) Chairman Jerome Powell went to Capitol Hill for his semi-annual testimony before lawmakers the previous day and before the US Consumer Price Index (CPI) data for January release.
Powell did not say much but stated that the current level of the monetary policy rate is helping the central bank to withstand market volatility and potential inflation shocks that could take place. The comments were enough to fuel a small surge in US bond yields.
Meanwhile, traders see their beloved Fed under pressure from the Department of Government Efficiency (DOGE), led by Elon Musk, who already mentioned at the beginning of the week that the Fed will face scrutiny from DOGE, as it will from all other government agencies. DOGE has already tried accessing all US Treasury Data, though access to the US Treasury system remains blocked for now. (Newsmaker23)
Source: FXStreet
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