Gold reaches lowest level in 3.5 months in US trading on Wednesday. Traders are focusing on precious metal charts due to lack of fundamental news impacting the market. August gold fell $8.3 to $1,915.
Federal Reserve Chairman Jerome Powell stated that raising interest rates in consecutive monetary policy meetings is not off the table, following a lack of action in June, while also acknowledging the possibility of an economic recession.
During his speech at the ECB Central Banking Forum in 2023, Powell remained cautious, affirming that the average dot plot suggests at least two more 25 basis points rate hikes this year, with the potential for consecutive increases.