Gold prices give up earlier losses to settle higher
Gold futures gave up earlier declines Wednesday to settle modestly higher. The benchmark U.S. dollar index held onto a gain, but traded near the day's lows after U.S. Federal Reserve Chairman Jerome Powell appeared before the House Financial Services Committee for a second day of testimony. Both gold and the dollar are "still caught up in syndrome dictated by dovish interest rate policy across both oceans, while the U.S. continues to raise rates," said Michael Kosares, founder of gold broker USAGOLD. August gold rose 60 cents, or less than 0.1%, to settle at $1,227.90 an ounce after touching a low of $1,220.90. Prices settled Tuesday at their lowest for a most-active contract since July 13, 2017. A finish of about $1,226 would mark gold's entry into correction territory.
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