Gold posts back-to-back loss on rising dollar

Gold prices fell on Tuesday, for the second straight session, as the US dollar rose against most of its counterparts, after the market absorbed Federal Reserve Chairman's statements.

Powell said in the hearing that the Congress should spare the Fed the difficulty of underwriting loans to hundreds of thousands of small firms within the Fed's program to ease the coronavirus impact.

The dollar index rose against a basket of currencies by 0.3% to 93.9 points as of 21:17 GMT, after it hit a high of 94.08 and a low of 93.4.

Gold December futures lost 0.2% or $3, to close at the lowest level since July 24 at $1,907.6 an ounce, after hitting today's high at $1,925.5 and the low at $1,898.9.