Gold futures settled higher on Thursday, regaining ground after posting losses in the previous two sessions, as the dollar turned weak.
The dollar, which surged higher following hawkish remarks from Fed Chair Jerome Powell who said in his testimony before the congress that the central bank will likely raise interest rates to continue the fight against inflation, turned easy today.
During a second day of congressional testimony, Powell once again acknowledged that the U.S. central bank was wrong in initially thinking inflation was only the result of "transitory" factors.
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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.