Gold Rises On Dollar Weakness Ahead Of Powell’s Testimony

Gold prices rose slightly on Tuesday and the dollar treaded water as investors awaited Federal Reserve Chairman Jerome Powell’s first congressional testimony for possible clues on the outlook for U.S. interest rate rises.

Spot gold was up 0.33 percent at $1,242.12 an ounce while U.S. gold futures for August delivery were up 0.17 percent at $1,241.80 an ounce.

Powell is likely to reaffirm the Fed’s gradual monetary policy tightening in his testimony on the economy and monetary policy before the U.S. Senate Banking Committee.

He will appear before the House of Representatives Financial Services Committee on Wednesday.

Market focus will be on his views on the economy amid rising trade tensions between the United States and the rest of the world.

The current threats made by the U.S. and its trading partners risked lowering global growth by as much as 0.5 percent by 2020, the International Monetary Fund warned in a report on Monday.

by RTTNews Staff Writer

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