Gold rises near 1-week high ahead of Jerome Powell's testimony

Gold prices rose on Wednesday, to resume gains after taking a pause yesterday, rising near a 1-week high, while the US dollar fell after Fed Chief Jerome Powell's semi-annual testimony before the US Congress.

Gold prices rose more than 0.4% to $1,813.83 an ounce, after opening at $1,806.12, and hit a day low at $1,803.07.

The yellow metal closed lower by 0.2% yesterday, in its first daily loss on profit-taking from a 1-week high of $1,816.04 as the US dollar fell.

The dollar index fell more than 0.2% today, and hit a week low of 89.94 points.

US Federal Reserve Chairman Jerome Powell stressed during his semi-annual testimony before the Senate Banking Committee that employment and inflation rates are still far from the Fed's goals, and interest rates would remain low while and the bonds-buying program will continue.

At 15:00 GMT, Fed Chair Jerome Powell will testify before the US House of Representatives Finance Committee, via satellite.

Gold stocks at the SPDR ETF fell 4.94 metric tonnes yesterday, with the total at the lowest level since May 14, 2020 at 1,110.44 metric tonnes.