Bengaluru — Gold prices edged lower on Tuesday but held not far off a six-week high hit in the previous session, as investors awaited a confirmation hearing for US Federal Reserve chairman nominee Jerome Powell and a possible Senate vote on US tax reforms. Spot gold was down 0.1% at $1,293.00/oz at 4.35am GMT. On Monday, the metal touched a high of $1,299.13/oz, its highest since October 16. US gold futures dipped 0.1% at $1,293.10. In remarks prepared for his Tuesday hearing released by the Fed, Powell defended the central bank’s use of broad crisis-fighting powers positioning himself as an extension of the central bank policies of current chairwoman Janet Yellen and her predecessor Ben Bernanke. "His [Powell’s] decisions on rates are suggested to be almost indistinguishable from those of his predecessor, but I would not be surprised if in the next few months we see him taking a dovish path," ActivTrades chief analyst Carlo Alberto de Casa said. "I don’t think he will push to raise...
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