In reality, the Dollar Index (DXY), which tracks the performance of the greenback against a basket of currencies, retreated from its highest level since June 1st on Friday and is seen as a major factor supporting borrowing costs for Gold. The decline in DXY may be due to further declines in US Treasury yields, although the possibility that the Federal Reserve (Fed) will increase interest rates more will help limit any significant declines. In fact, Fed Chairman Jerome Powell stated in a key speech at the Jackson Hole Symposium on Friday that inflation remains too high and central banks are ready to continue raising interest rates to curb persistent high prices.
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