The most active gold contract for December delivery fell 7.6 U.S. dollars, or 0.44 percent, to close at 1,720.2 dollars per ounce.
During a discussion at a Cato Institute monetary conference Thursday, Powell said the Fed is strongly committed to bringing down inflation, and that the Fed accepts responsibility for price stability, which it defines as 2 percent inflation over time. Powell's hawkish remarks dampened gold.
Gold was under additional pressure as the U.S. Labor Department reported that U.S. initial jobless claims declined 6,000 to a seasonally adjusted 222,000 for the week ending Sept. 3, a three-month low.
Silver for December delivery rose 18.2 cents, or 1 percent, to close at 18.442 dollars per ounce. Platinum for October delivery rose 19.2 dollars, or 2.27 percent, to close at 866.4 dollars per ounce.
Latest comments