Gold is near its lowest level in 3 and a half months

On Wednesday, gold prices settled near their lowest levels since late January, under pressure from the recovery of the dollar and the hawkish stance of the Federal Reserve Chairman on inflation.

By 0831 GMT, gold recorded in spot transactions 1815.39 dollars an ounce. And US gold futures fell 0.2 percent to $ 1814.70.

The dollar gained after a three-session decline, which reduced the attractiveness of gold to investors holding other currencies.

Federal Reserve Chairman Jerome Powell pledged that the US central bank would raise interest rates as much as needed to stem the rise in inflation, which he said threatens the foundation of the economy.

The yield on US 10-year Treasury bonds fell after a sharp increase in the previous session, which led to an increase in demand for non-yielding gold and limit its losses.

As for other precious metals, silver settled in spot transactions at $21.61 an ounce. Platinum rose one percent to $960.09 an ounce, and palladium rose 2.8 percent to $2,110.58 an ounce.