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Gold Edges Higher Ahead Of Powell Testimony

Gold edged higher on Tuesday as the dollar fell and Treasury yields eased ahead of a testimony from Federal Reserve Chair Jerome Powell.

Spot gold rose 0.2 percent to $1,805.54 per ounce, while U.S. gold futures were up 0.4 percent at $1,805.05.

Powell's testimony may provide hints on timing and the pace of tightening of monetary policy amid galloping Covid-19 infections across the world.

In prepared remarks for his confirmation hearing before the Senate, Powell said that the economy is expanding at its fastest pace in many years and the labor market is strong.

The Fed chief asserted that the central bank will deploy its tools to support the economy and to prevent higher inflation from becoming entrenched.

Meanwhile, U.S. consumer inflation data is due on Wednesday, which is expected to reach a four-decade high of 7 percent in December. Fed Vice Chair nominee Lael Brainard will testify before the Senate on Thursday.

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