(Bloomberg) — Gold edged higher as Federal Reserve Chair Jerome Powell signaled policymakers will wait for clearer signs of lower inflation before cutting interest rates, even though a recent bump in prices didn’t alter the US policymakers’ broader trajectory.
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Powell said recent inflation figures — though higher than expected — didn’t “materially change” the overall picture. He reiterated his expectation that it will likely be appropriate to begin lowering rates “at some point this year.”
Bullion was up 0.4% to $2,289.49 an ounce at 12:23 p.m. in New York.
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