In the week we left behind, inflation data in Germany and the statements of the Chairman of the US Federal Reserve (Fed) Powell were followed. In Germany, the consumer price index rose 1% in January. Annual inflation, which was 8.6% in December 2022, rose to 8.7% in January 2023. Fed Chairman Powell said additional rate hikes will be needed to rein in inflation as the latest jobs data show that the labor market remains strong. The ounce of gold fell sharply in line with the data. It closed the week in the band of $1.863.