Gold hovers near week lows as dollar climbs

Gold prices declined on Thursday, almost hitting week lows as the dollar climbed against major rivals ahead of Fed Chair Jerome Powell's Congressional testimony. 

Prices Today 

Gold prices declined 0.55% today to $1,827 an ounce, after rising 0.3% yesterday, the first profit in four days, off week lows at $1,823. 

The Dollar

The dollar index rose 0.5% on Thursday against a basket of major rivals after a three-day decline, pressuring gold prices. 

Fed Chair Jerome Powell said yesterday the Fed is committed to control prices even if that led to a recession. 

Such remarks bolstered expectations of another 75 basis points hike in July, and a 50 basis points hike in September. 

The SPDR

Gold holdings at the SPDR Gold Trust fell 2.03 tones yesterday, the second decline in a row, to a total of 1,071 tones, the lowest since June 14.