Gold is near its lowest level in about 4 months

Gold prices remained near their lowest levels in nearly four months on Thursday after Federal Reserve Chairman Jerome Powell left the door open to raising interest rates again with the aim of curbing inflation.

Spot gold rose 0.25 percent to $1,912.19 an ounce by 0123 GMT. On Wednesday, the precious metal hit its lowest level since mid-March at $1902.69 an ounce.

And US gold futures fell 0.1 percent, to record $ 1920.50 an ounce.

The dollar index remained unchanged.

Powell said two more rate hikes were likely and he expected inflation not to fall back to the 2 percent target before 2025.

According to CME’s Videowatch service, investors are now 81 percent expecting a 25 basis point rate hike in July.

Raising interest rates leads to a decline in investment in gold, which does not yield a return.

Spot silver rose 0.6 percent to $22.86 an ounce, while platinum rose 0.7 percent to $916.73, and palladium jumped 1 percent to $1,261.66, after falling to its lowest level in four and a half years in the last session.