Gold rebounds from 6-week maximums ahead of Powell hearing

Gold rebounds from 6-week maximums ahead of Powell hearing

On Tuesday, gold declined, rebounding from the previous session's six-week maximum because market participants waited for comments from the next governor of the Fed for new clues on the probable trajectory of US monetary policy.

Gold futures dived 0.2% showing an outcome of $1,292.80 a troy ounce. In the previous trading session the precious commodity demonstrated its best level since October 16 hitting $1,299.00.

On Monday, gold managed to settle higher, gaining some support from recent weakness of the US dollar index.

A bit later on Tuesday, Jerome Powell, picked by Donald Trump as the next Fed Governor, is scheduled to appear before the Senate Banking Committee for his confirmation hearing – it’s expected to provide some insight into how the new Fed Chair intends to lead the key US bank.

Financial markets are doubtful as for the Fed’s ability to lift rates soon considering the sluggish inflation outlook.

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