Gold remains falling as Powell says he is in no hurry to adjust the rates

The gold declined after the President of the Federal Reserve, Jerome Powell, said that the Central Bank of the United States is not quick to adjust the interest rates despite the trade war of President Donald Trump.

Powell said it is still appropriate to keep the rates await. “We are in the right place to wait and see how things evolve,” he said during a press conference on Wednesday. Fed officials unanimously votedsupportThe reference federal fund rate in a range of 4.25% to 4.5%, where it has been since December.

“If the major increases in the announced rates are maintained, they are likely to increase inflation, a slowdown in economic growth and an increase in unemployment,” said Powell.

The dollar pushed above after Powell’s comments, keeping the pressure down the lingon, which has a Greenback price. Reducing Powell’s rates is negative for gold, as it usually benefits in a lower speed environment.

Bullion before it fell to 2.1% after China and the United States confirmed the next commercial conversations, alleviating the demand for safe paradises.

However, beautiful metal has increased by 28% this year, and investors seek refuge in the midst of widespread chaos of the market triggered by Trump’s commercial aggressive and geopolitical policies. It reached a $ 3,500 record in April, before losing some ground in recent weeks. The ascent has also been driven byspeculative demandin China and the purchases of the Central Bank.

Spot Gold fell by 1.7% to $ 3,373.04 at 15:28 in New York. The Bloomberg Dollar Spot Index increased by 0.5%. The silver, the platinum and the Palladi slipped all.

This story originally presented to Fortune.com

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