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Market Update: Gold Consolidates 7-Week Lows
Gold prices were little changed at 1780.885 on Wednesday, holding around 7-week lows as investors digested a hawkish pivot last week at the US Federal Reserve. However, inflation fears eased after Jerome Powell on Tuesday reaffirmed the US central bank’s intent to encourage a “broad and inclusive” recovery of the job market, noting that officials would not raise interest rates based only on the fear of coming inflation. US 10-year Treasury bond yields were steady at 1.465%. [/s2If]
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