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Gold fell more than 1% after Fed Chair Jerome Powell told Congress that gradual rate hikes should continue despite tax cuts and spending. The dollar index rose to its highest in over two weeks following the remarks.
Higher US rate expectations and a stronger dollar reduce gold's appeal, a macro-driven move with limited direct feed impact.
cnbc.comReutersFeb 27, 2018After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
