Gold is falling amid anticipation of Powell’s testimony

Gold prices fell on the rise of the dollar on Wednesday, as investors await clues about interest rates from US Federal Reserve Chairman Jerome Powell’s testimony before Congress.

And gold in instant transactions fell 0.1 percent to 1934.20 dollars an ounce by 1112 GMT, and its movements are limited to a range of eight dollars.

US gold futures also fell 0.1 percent, to $1,945.40.

“The interest in the non-yielding metal was affected by expectations about Powell’s continued tightening tendency and the stability of the dollar. If Powell provides new indications of the timing of interest rate hikes, that will push gold below The support level is $1932.

The dollar rose 0.1%, making gold more expensive for holders of other currencies.

As for other precious metals, spot silver fell 0.5 percent to $23.06 an ounce, platinum fell 1 percent to $952.62, and palladium fell 1.9 percent to $1,354.55.