Gold prices (XAU/USD) recovered recent losses after falling to a weekly low of $1,913 in early Asian trade on Friday. At the time of writing, XAU/USD was up 0.08% on the day at $1,921.62.
During a press conference Wednesday, Federal Reserve Chairman Jerome Powell reiterated the Fed's commitment to achieving 2% inflation. Powel added that the Fed is ready to raise interest rates if necessary.
According to the Fed's latest quarterly forecast, the benchmark overnight interest rate could be raised again this year to a high of 5.50% to 5.75%, and rates could be tightened significantly more for by 2024 compared to previous estimates.