Gold Prices Mildly Supported Ahead of Powell Testimony

Investing.com – Gold prices remained mildly supported on Tuesday, as sentiment on the greenback was vulnerable ahead of Federal Reserve Chairman Jerome Powell’s first congressional testimony scheduled later in the week.

Comex were up 0.13% at $1,334.6 a troy ounce by 02:00 a.m. ET (06:00 GMT).

Traders became more cautious as Powell was set to testify on the central bank’s semi-annual report on monetary policy and the economy on Tuesday before the U.S. House of Representatives’ Financial Services Committee.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 89.71.

Gold is sensitive to moves in the dollar. A weaker dollar makes gold less expensive for holders of foreign currency.

The greenback had strengthened broadly after the of the Fed’s January policy meeting showed last week that central bank officials see increased economic growth and rising inflation as justification to continue to raise interest rates gradually.

Elsewhere on the Comex, added 0.15% to $16.58 a troy ounce.

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