Gold prices fell at the end of trading today, shedding earlier gains reached today, as US dollar stabilized against most major currencies as well as markets absorption of the US interest rate expectations.

Federal Reserve Chairman Jerome Powell testified before the Senate Banking Committee that the US economy is affected by a drop in market confidence, but partly recovered after hinting at a rate cut.

Powell said yesterday in a testimony before the House of Representatives that there are factors of uncertainty and risks that put pressure on the US economy, and analysts considered the remarks as a signal for an interest rates cut soon.

In a related context, by 18:01 GMT, the dollar index (against a number of major currencies) stabilized at 97.1 points, with the highest level at 97.1 points and the lowest at 96.8 points.

Gold futures (August delivery) fell by 0.4% an closed at $1406.7 per ounce, the precious metal hit a high of $1429.4 and a low of $1405.4.

US dollar steadied against most of the major currencies following Federal Reserve Chairman Jerome Powell's testimony before the US Senate earlier today.

Powell confirmed in his remarks today on what he pointed out in his testimony before the US House of Representatives yesterday, in which he stressed the risks and pressures facing the US economy and the uncertainty that lead to slower growth.

Powell said the trade disputes are hurting the US economy, affecting market confidence, and that the slowing global economic growth is casting a shadow over markets.

Economic data released today showed the number of jobless claims in the US fell by 13,000 to 209,000 last week, while the CPI rose 0.1% in June.

In terms of trade, the dollar index (against a number of major currencies) stabilized by 97.1 points at 17:30 GMT, reaching a high of 97.1 points and a low of 96.8 points.

Oil erased earlier gains and started to retreat despite the stability of the dollar index and the Gulf of Mexico storm concerns.

US authorities have decided to evacuate a number of crude mining rigs in the Gulf of Mexico because of a strong storm, which affects production.

OPEC reported a drop in its crude production by about 68,000 barrels to 29.8 million bpd last month compared to May.

As of 17:00 GMT, the dollar index (against a number of major currencies) stabilized at 97.08 points, reaching a high of 97.1 points and a low of 96.8 points.

In terms of trade, by 16:56 GMT, West Texas stabilized at $60.4 per barrel, and recorded a high of $60.9 and the lowest price at $60.2.

Brent fell 0.4% to $66.7 per barrel, with a high of $67.6 and a low of $66.7.

Aussie dollar rose against the greenback today, supported by the continued gains of gold as well as pressure on the US currency as a result of market's speculations of a rate cut by the Federal Reserve.

In his testimony before the Senate Banking Committee, the Federal Reserve Chairman stressed the existence of risks surrounding the US economy, most notably trade disputes.

President Donald Trump said China disappointed our hope after it failed to commit to the agreed purchases of US agricultural products.

Government data showed Australia's inflation forecast fell by 3.2%, and the rate of household loans stabilized unchanged from last month.

In the precious metal market, by 16:04 GMT, gold futures (August delivery) rose by 0.1% to $1414.6 per ounce, and recorded a high of $1429.4 and a low of $1410.3.

In terms of trade, by 16:15 GMT, AUD/USD rose by 0.2% to 0.6978, with a high of 0.6899 and a low of 0.6953.