Gold prices continue to trend higher on Friday after the Federal Reserve (Fed) leaned dovish, as commented by the Fed Chair Jerome Powell, who said that "downside risks to the labor market are rising." XAU/USD trades at $3,371 after hitting a daily low of $3,321.
The day arrived and Powell hinted that there's a "reasonable base case" to think that tariffs would create a "one-time" increase in prices. Nevertheless, he acknowledged that risks to inflation are tilted to the upside and risks to employment to the downside, a "challenging situation."
After his remarks, Bullion prices initially soared towards the $3,350 area before resuming to the upside, heading to a daily high of $3,378 before retreating somewhat to current price levels.
Market participants had priced in a 90% chance that the Federal Reserve will cut 25 basis points (bps) from its main reference rate, according to Prime Market Terminal. However, there are two inflation prints left and the following Nonfarm Payrolls report on September 5.
Source: Fxstreet
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