Gold Holds Drop as Powell Says Fed in No Hurry to Adjust Rates

Gold held declines after Federal Reserve Chair Jerome Powell said the US central bank isn’t in a rush to adjust interest rates despite President Donald Trump’s trade war.

Powell said it’s still appropriate to keep rates on hold. “We’re in the right place to wait and see how things evolve,” he said during a press conference Wednesday. Fed officials voted unanimously to keep the benchmark federal funds rate in a range of 4.25% to 4.5%, where it has been since December.

“If the large increases in tariffs that have been announced are sustained, they’re likely to generate a rise in ...