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Gold gives up 4-week high ahead of Powell's second testimony
Gold prices fell on Thursday, on profit-taking from a 4-week high, ahead of the second part of the US Federal Reserve Chairman's semi-annual testimony before the Congress.
Gold prices fell 0.2% to $1,823.48 an ounce, after opening at $1,827.53, and hit a high at $1,834.14.
Gold gained 1.1% yesterday, and posted its second straight daily gain, as the dollar fell following the first half of Fed Chairman's semi-annual testimony before Congress.
Federal Reserve Chairman Jerome Powell stated before the House Financial Services Committee that the recent surge in inflation is temporary, as consumer prices rose due to the US economy reopening, and stressed the Fed's commitment to its current dovish monetary policy.
At 13:30 GMT, Jerome Powell will deliver his testimony before the Senate Banking Committee.
Gold stocks at the SPDR ETF fell 2.91 metric tonnes yesterday, with the total at the lowest level since last May 20 of 1,034.37 metric tonnes.
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