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Gold price dips as US dollar, yields rise after Powell’s comments

By Brijesh Patel

(Reuters) – Gold prices slipped on Thursday as the dollar and U.S. Treasury yields climbed after comments from Federal Reserve Chair Jerome Powell cemented expectation around a 75-basis-point rate hike at its upcoming policy meeting.

The Fed is “strongly committed” to controlling inflation but there remains hope it can be done without the “very high social costs” involved in prior inflation fights, Powell said.

Spot gold was down 0.4% at $1,711.10 per ounce by 10:02 a.m. EST (1402 GMT), after hitting a more than one-week high earlier in the session.

U.S. gold futures fell 0.4% to $1,721.40.

“Powell’s comments are entirely consistent with the Jackson Hole Conference, he’s not pushing back against market pricing for a 75 basis point increase coming at the September…

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