Gold rose, the dollar fell on the “hawkish” statements of the head of the Fed

Gold prices resumed growth after a three-day decline - investors reacted with concern to the words of Fed chief Jerome Powell that the regulator allows the use of tighter monetary policy. The troy ounce gained 0.26% in the evening and stood at $1,840.20. The weakening of the dollar, which allowed buyers with foreign currency to buy more precious metal, was also a supporting factor. Usually the U.S. currency reacts to interest rate hikes, but now it is under pressure from the possibility of a recession in the United States, exacerbated by the Fed's tough measures. Powell said during yesterday's speech to the U.S. Congress that he believes the economy is strong enough for a more aggressive monetary policy course, despite record inflation. Today, investors are expecting a continuation of the Fed chief's two-day speech.