Gold prices moved higher on Thursday amid an escalation in the Russia-Ukraine conflict as well as comments from Federal Reserve Chair Jerome Powell that helped ease concerns about a steep jump in interest rates.
Despite a firm dollar, gold prices stayed higher, with traders lightening their commitments in stock markets and switching over to safe-haven assets.
In his Congressional testimony yesterday, Powell said that it would be appropriate to raise the target range for the federal funds rate at the meeting later this month on the back of high inflation and a strong labor market.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.