Gold Finishes with Small Losses Following Powell’s Remarks

Gold prices declined on Tuesday, returning to the downward trend amid a rise in Treasury yields, and after remarks by the United States Federal Reserve Chairman Jerome Powell to Congress.

The yellow metal was able to finish the session with recovery from some of its earlier losses, as Powell played down the risks of a rise in inflation and spoke about how the current monetary policies will take some time to achieve substantial progress.

In addition, the U.S. Dollar (USD) showed a fluctuating performance during the second session of the week against major rivals, which led to a mild impact on gold futures.

Gold futures for April delivery decreased by $2.50, or 0.1%, to close at $1,805.90 per ounce.

The yellow metal’s most active contracts were able to maintain the $1,800 and most of their large gains on Monday.