# Gold drops after Powell leaves door open to more rate hikes

> Spot gold fell about 0.2% to around $1,913 an ounce after Fed Chair Jerome Powell said policymakers would proceed carefully on further tightening. Powell also said the central bank had not concluded that rates were high enough to bring inflation to 2%. The dollar and Treasury yields rose, pressuring bullion.

- Date: 2023-08-25 · published 2023-08-25T12:00:00.000Z
- Category: macro · region US · magnitude low
- Page: https://feedsoft.ai/events/34484-gold-drops-after-powell-leaves-door-open-to-more-rate-hikes
- Commodities: [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Higher real yields and a firmer dollar weigh on precious metals and signal a tighter financial backdrop that can spill over into broader commodity prices.

## Read by commodity

- DXY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DXY | 2023-07-26 | [Fed lifts rates, Powell leaves door open to another hike in September](https://feedsoft.ai/events/35277-fed-lifts-rates-powell-leaves-door-open-to-another-hike-in-september.md) | +0.6% | +2.1% |
| DXY | 2018-02-27 | [Gold slides after Fed's Powell confirms gradual rate hikes](https://feedsoft.ai/events/66405-gold-slides-after-fed-s-powell-confirms-gradual-rate-hikes.md) | +0.1% | -0.1% |
| DXY | 2017-02-15 | [Gold dips after Yellen rate hike hints lift dollar](https://feedsoft.ai/events/72390-gold-dips-after-yellen-rate-hike-hints-lift-dollar.md) | -0.2% | -0.0% |
| DXY | 2023-06-29 | [Gold hits 3-mth low, copper slips as Powell flags more rate hikes By Investing.com](https://feedsoft.ai/events/35416-gold-hits-3-mth-low-copper-slips-as-powell-flags-more-rate-hikes-by-investing.md) | +0.4% | -1.2% |
| DXY | 2023-07-26 | [FOMC Meeting: Fed Raises Rates to 22-year High, Leaves Door Open for More - Bloomberg](https://feedsoft.ai/events/34956-fomc-meeting-fed-raises-rates-to-22-year-high-leaves-door-open-for-more.md) | +0.6% | +2.1% |

## Sources

- cnbc.com: https://www.cnbc.com/2023/08/25/gold-eases-as-us-dollar-jumps-spotlight-on-powells-speech.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.