Gold prices bounced off the support level at $1,675.00 per ounce, closing the week at $1,719.80 per ounce. Last week, Federal Reserve Chairman Jerome Powell said that inflation would likely rise as the economy reopens, but that he expects the increase to be temporary. CNBC reports, “With the economy increasingly back on its feet, some price pressures are likely to emerge, said Powell, but he added they likely will be transitory and look higher because of ‘base effects,’ or the difference against last year’s deeply depressed levels just as the Covid-19 crisis began. “Raising interest rates, he added, would require the economy to get back to full employment and inflation to hit a sustainable level above 2%. He doesn’t expect either to happen this year. “‘There’s just a lot of ground to cover before we get to that,’ he said. Even if the economy sees ‘transitory increases in inflation … I expect that we will be patient.’” With the Fed seemingly committed to keeping interest rates low and increased government spending from the $1.9 trillion COVID relief bill and a possible $2 trillion infrastructure bill on the horizon, it may be time to add gold to investment portfolios to prepare for a bumpy inflation road ahead. Rick Andrews is president of Avant Capital Management.