Gold prices held steady on Monday after seeing their best gain in over a year the session before, boosted by short-covering and as comments from the head of the U.S. Federal Reserve signalling a gradual approach to interest rate hikes weighed on the dollar.
Speaking at a research symposium at Jackson Hole, Wyoming on Friday, Fed Chair Jerome Powell made the case that gradual rate hikes were the best way to protect U.S. economic recovery, keep job growth strong and inflation under control. remarks appeared to have disappointed dollar bulls hoping for a more hawkish message.
