Gold rises

Reuters

London : Gold prices were up for a second day in a row on the back of a weaker dollar, while investors awaited U.S. Federal Reserve Chair Jerome Powell´s first congressional testimony for clues on the future pace of monetary tightening.

Spot gold was up 0.2 percent at $1,336.05 an ounce at 0116 GMT. U.S. gold futures were up 0.4 percent at $1,337.7 per ounce.

The dollar index , which measures the greenback against a basket of major currencies, was down 0.1 percent at 89.734.

Powell´s testimony could determine whether the greenback´s recovery from a three-year low, that it hit on Feb. 16, can be sustained.

The prospect of further interest rate increases by the Fed, more than what the market initially priced in, has bolstered the dollar in the last few weeks.

from The News International - Business http://ift.tt/2HPQnz0