Gold steady as investors await Jerome Powell’s first congressional testimony
Bengaluru — Gold prices were steady on Tuesday, as the US dollar remained largely unchanged ahead of US Federal Reserve chairman Jerome Powell’s first congressional testimony.Spot gold was up 0.1% at $1,241.20/oz at 4.20am GMT, while US gold futures for August delivery were up 0.1% at $1,241.60/oz.The dollar index was steady against major peers on Tuesday, as investors awaited Powell’s testimony for any clues on the pace of US interest rate rises. Powell takes his upbeat view of the US economy to Capitol Hill on Tuesday, with markets and many of his colleagues expecting two more interest rate increases in 2018 amid a continued economic expansion.Higher US rates tend to boost the dollar, in which the metal it is priced.Meanwhile, Asian stocks sagged on Tuesday, weighed by a sharp decline in crude oil prices. Brent crude futures shed more than 4% on Monday as the concern over supply outages eased, but prices recovered after more oil workers went on strike in Norway threatening further...
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