Gold down on Powell testimony

Fri, 26 Feb 2021

Gold down on Powell testimony

Xinhua
24 Feb 2021, 06:30 GMT+10

CHICAGO, Feb. 23 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Tuesday as investors monitored the Federal Reserve chairman's statement.

The most active gold contract for April delivery fell 2.5 U.S. dollars, or 0.14 percent, to close at 1,805.9 dollars per ounce.

U.S. Federal Reserve Chairman Jerome Powell testified before the U.S. Congress on Tuesday, saying there are signs that the U.S. economy is improving but still long way from full health, and higher bond yields are unlikely to trigger policy shift until the economy recovers.

Gold was under additional pressure as the U.S.-based Conference Board reported the consumer confidence index rose to a reading of 91.3 in February from 88.9 in January.

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, registered a 10.4-percent annual gain in December, up from 9.5 percent in the previous month.

Silver for March delivery fell 39.7 cents, or 1.41 percent, to close at 27.688 dollars per ounce. Platinum for April delivery fell 42.6 dollars, or 3.32 percent, to close at 1,239.7 dollars per ounce.

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