Gold prices pulled back from their all-time high of $2,942 after Federal Reserve Chairman Powell said he wants to be careful about lowering interest rates too quickly.
Gold’s recent price surge has been driven by two main factors: investors seeking safety from President Trump’s tough trade policies, and steady buying from large investment funds.
Even with this temporary price drop, big banks remain very optimistic about gold’s future. Large investors continue to buy gold-backed funds at the highest rate since November, and Citigroup believes gold will hit $3,000 per ounce within three months.