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Bengaluru – Gold prices remained flat on Tuesday, as the US dollar remained unchanged from the first testimony of US Federal Reserve Chairman Jerome Powell.
Spot gold was up 0.1% at 1.241.20 / oz at 4.20am GMT. US gold futures for August delivery rose 0.1% to $ 1,241.60 an ounce
The US dollar index was flat against major peers On Tuesday, investors were waiting for Powell's testimony on rising US interest rates. Mr Powell is optimistic about the US economy on Tuesday at Capitol Hill, the markets and many of his colleagues waiting for two additional interest rate hikes in 2018 in the US. the context of sustained economic expansion
. Meanwhile, Asian stocks fell on Tuesday, under the effect of a sharp decline in crude oil prices. Brent futures tumbled more than 4% on Monday as worries about supply disruptions subsided, but prices recovered after more oil workers went on strike in Norway
. I think this is going to be a long-term exchange, "said Richard Xu, a fund manager of China's largest publicly traded fund, HuaAn Gold. "We also noticed that the liquidity of the Chinese gold ETF has dropped significantly in recent days, which means that people do not see major breakthroughs in both directions," said Xu
. Weak as a trade war with the United States had weakened the local currency and affected investor sentiment, with prospects for recovery after the data showed a slowdown in economic growth.
Escalated and sustained trade conflicts following US tariffs threaten to skid the economic recovery and depress growth prospects in the medium term, warned Monday the International Monetary Fund (IMF).
"If China slows, there will be consequences on global consumption of raw materials and this will also lead to a decline in gold," Xu said.
The gold spot should break its support at $ 1,237 / oz. Reuters technical badyst Wang Tao said the positions in SPDR Gold Trust, the largest gold-backed ETF in the world, fell 0.15 percent to 794.01 tonnes on Monday.
Silver was up about 0.2% to $ 15.76 / oz
Platinum rose 0.6% to $ 826.75 / oz while palladium rose from 0.6% to $ 922.72
Reuters
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