Gold futures settled lower on Friday as the dollar rebounded from lower levels after Fed Chair Jerome Powell said at the Jackson Hole symposium that the central bank's efforts to combat inflation will cause "some pain."
Powell reiterated the Fed's resolve to bring inflation back to its 2% target, declaring that the "economy does not work for anyone" without price stability. He added that the central bank would use its tools "forcefully" to bring demand and supply into better balance.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.