CHICAGO, Aug. 21 (Xinhua) Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday in correction following a four-week losing streak.
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The key central bankers at the ECB forum held in Sintra, Portugal discussed the economy, interest rates, and inflation. While the Bank of Japan defended its ultra-accommodative stance, the rest of the central bankers expressed concerns about inflation being above their target levels. Federal Reserve Chair Powell stated that the US economy is resilient and may require two more rate hikes. The Chinese Yuan continued to weaken, and US yields surged higher on a hawkish Federal Reserve and an upward revision in US Q1 GDP. Gold prices fell, and investors will focus on upcoming economic indicators and the US nonfarm payroll report.