Gold prices edged lower as the US Federal Reserve (Fed) delivered a hawkish hold. The Fed removed inflation language, an indication of a pivot towards maintaining rates unchanged. The XAU/USD trades volatile within the $2,750 - $2,740 range as Fed Chair Jerome Powell crossed the wires.
Powell's first question was about having been contacted by US President Donald Trump. He answered he had not spoken with Trump and firmly stated that he wouldn't comment on Trump's policies or politics.
In addition, Powell said that monetary policy is "less restrictive than it had been," adding that the Fed is not in a rush to adjust rates. He added that the Federal Open Market Committee (FOMC) is in wait-and-see mode, eyeing fiscal and trade policies implemented by the new US administration.
Powell clarified the Fed doesn't have a pre-set course on setting interest rates, and when asked about the March meeting, he said they're not in a rush.
Source: FXStreet
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