Gold futures retreat on stronger US dollar

Gold futures closed lower on Thursday, with prices for the precious metal down a fourth straight session. Losses for gold are “mainly due to the strength in the dollar, as the US Fed is expected to adopt even more hawkish monetary policy

In testimony before the House Financial Services Committee Thursday, Fed Chairman Jerome Powell said he has an “unconditional” commitment” to fight inflation. August gold GCQ22, -0.78% fell by $8.60, or 0.5%, to settle at $1,829.80 per ounce.

At $1,822, gold price has taken a step backwards. The Gold Index is down by 0.8% and has fallen from a high of $1,846.12 to a low of $1,822.60 so far. The US dollar moved into positive territory, by 0.2% around the close of the US forex session.