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1/26, 8:48 PM (Source: TeleTrader)
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Gold drops 1.5% on Powell's remarks

The price of gold tumbled more than 1.5% as the investors digested remarks delivered by Federal Reserve Chair Jerome Powell.

After the Fed left the interest rate unchanged, Powell warned that inflation is affecting more sectors than it did during the previous period. He also pointed out that the balance sheet will be reduced in a predictable manner, and added that the central bank will discuss the matter more extensively during the March meeting.

Gold dropped over 1.5% but pared losses and went down by 1.33% at 2:52 pm ET, selling for $1,822.48. A minute later, silver was down by 0.68% to $23.68.

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