Gold prices declined on Thursday, almost hitting week lows as the dollar climbed against major rivals ahead of Fed Chair Jerome Powell's Congressional testimony.
Prices Today
Gold prices declined 0.55% today to $1,827 an ounce, after rising 0.3% yesterday, the first profit in four days, off week lows at $1,823.
The Dollar
The dollar index rose 0.5% on Thursday against a basket of major rivals after a three-day decline, pressuring gold prices.
Fed Chair Jerome Powell said yesterday the Fed is committed to control prices even if that led to a recession.
Such remarks bolstered expectations of another 75 basis points hike in July, and a 50 basis points hike in September.
The SPDR
Gold holdings at the SPDR Gold Trust fell 2.03 tones yesterday, the second decline in a row, to a total of 1,071 tones, the lowest since June 14.