Gold price extends the previous sell-off. In the opinion of strategists at TD Securities, Fed Chair Powell's hawkish speech is expected to weigh on the yellow metal.

Fed will continue to follow a hawkish trajectory well into 2023

“Growing expectations that the US Federal Reserve will continue to follow a hawkish trajectory well into 2023 prompted money managers to aggressively reduce gold length. The lack of upside potential, as the Fed signaled significantly higher rates for longer, also convinced investors to cut long exposure.” 

“Considering Jerome Powell's hawkish tone being communicated at the Jackson Hole Economic Policy Symposium, we see continued reduction in gold length and downside price pressures.”