Gold futures rose Tuesday to top $1,400 an ounce, as investors awaited Federal Reserve Chairman Jerome Powell’s testimony to Congress which could offer clues about the prospects for interest rate cuts in coming months.
Powell delivered remarks on recent stress tests for banks at a conference in Boston Tuesday without commenting on monetary policy, but the week’s main event was expected to be his two days of testimony on the economic outlook before Congress beginning Wednesday. That’s the same day the Fed will also release the minutes from the central bank’s June meeting.
Gold for August delivery on Comex rose 50 cents, or 0.04%, to settle at $1,400.50 an ounce after trading as low as $1,387.50. September silver tacked o 9.7 cents, or 0.6%, at $15.147 an ounce.
Source : Marketwatch