Gold rises as dollar falls ahead of Fed chairman’s speech

 

Gold prices rose on Tuesday as the dollar continued to slide ahead of the first testimony by US Federal Reserve Chairman Jerome Powell to Congress.

Gold rose 0.25 percent in spot trade to $ 1243.18 an ounce by 0723 GMT, while in August US delivery futures rose 0.3 percent to $ 1243.20 an ounce.

Powell is likely to confirm the gradual path of tightening the Federal Reserve’s monetary policy as he reviews his bullish outlook on the economy before Congress on Tuesday.

Among other precious metals, silver rose 0.4 percent in spot transactions to $ 15.80 an ounce, while platinum rose 0.1 percent to $ 822.74 an ounce and palladium rose 0.2 percent to $ 919 an ounce.

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