Gold loses ground as dollar climbs ahead of Powell's testimony

2020-06-30 07:49:16 GMT (
Gold loses ground as dollar climbs ahead of Powell's testimony

Gold futures tilted lower in Asian trade off June 24 highs as the dollar index resumes its march higher after a one-day hiatus, following Chinese data and ahead of US data and testimonies by Fed Chair Jerome Powell and US treasury secretary Steven Mnuchin.


As of 04:58 GMT, gold futures due in August shed 0.03% to $1,783.70 an ounce, while the dollar index rose 0.11% to 97.50. 


Earlier Chinese data showed the manufacturing PMI up to 50.9 from 50.6 in May, while the services PMI rose to 54.4 from 53.6. 


From the US, housing prices are expected up 3.8% in May, while the Chicago PMI is expected at 45.0. 


An index tracking US consumer sentiment is expected up to 91.6 from 86.6.


Federal Reserve Bank of New York President John Williams is due to speak about the US recession and policy response at a webinar hosted by the Institute for International Finance. 


Federal Reserve Governor Lael Brainard will also speak about the Dodd-Frank Act at a webinar co-hosted by the Brookings Institution and the University of Michigan.


Federal Reserve Bank of Minneapolis President Neel Kashkari will participate in a virtual panel discussion about racial inequalities and social justice hosted by the National Association of Business Economics.


 Federal Reserve Chair Jerome Powell will testify, along with Treasury Secretary Steven Mnuchin, before the House Financial Services Committee, in Washington DC.


In an earlier testimony last week, Powell warned of permanent job losses while expecting no full recovery from the pandemic before confidence is restored. 


Congress has put up $3 trillion so far in stimulus for households and small businesses, while the Fed launched support programs surpassing a trillion dollars to support household and corporate credit markets. 


The World Health Organization warned "the worst hasn't come yet" in the pandemic, as it continues to accelerate and spread. 

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