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Gold Hits Over One-week High

Gold prices rose on Thursday to hit a more than one-week high as the dollar extended losses on Fed rate cut bets.

Spot gold edged up 0.2 percent to $1,421.45 per ounce, after earlier hitting its highest level since July 3 at $1,426 earlier in the day. U.S. gold futures were up 0.8 percent at $1,423.75 per ounce.

The U.S. dollar hit a five-day low after Federal Reserve Chair Jerome Powell kept the door open for U.S. interest rate cuts, citing uncertainty about trade frictions and global growth.

In his highly-anticipated testimony to Congress, Powell pointed to "broad" global weakness that was clouding the U.S. economic outlook.

When asked how large a cut could be made at the July 30 policy meeting, Powell answered the FOMC will look at "a full range of data."

He is set to return for a second day of his semiannual testimony later today, this time before the Senate Banking Committee.

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