 "Gold")
Gold fell to near a two-year low after Federal Reserve Chair Jerome Powell pledged to crush inflation and the dollar surged to a record, with the precious metal on the cusp of sinking into a bear market.
The Fed raised interest rates by 75 basis points, and lifted forecasts on where borrowing costs would be at year-end. Bullion closed up 0.5% on Wednesday on a combination of relief that the US central bank didn’t raise rates even more, and haven flows after Vladimir Putin escalated the war in Ukraine.
“Gold’s biggest struggle in the last few months have been the persistent strength in the US dollar,” said Madhavi Mehta, a senior analyst at Kotak Securities Ltd. “Unless we see a
