English
Gold rises with the fall of the dollar and anticipation of the speech of the Chairman of the Federal Reserve
Gold prices rose on Tuesday, February 7, with the decline in the dollar, as traders await Federal Reserve Chairman Jerome Powell's speech scheduled later today for hints about raising interest rates in the future after strong economic data last week.
And gold rose in spot transactions 0.4% to 1874.34 dollars an ounce, after it reached its lowest level since January 6 in the previous session, and US gold futures rose 0.4% to 1873.00 dollars.
The dollar index fell 0.1% after touching the highest level in about a month yesterday, Monday, and the weakness of the dollar makes gold priced in the US currency more attractive to buyers who hold other currencies.
Gold prices topped $1,900 an ounce in January on hopes of a slowdown in interest rate hikes from the US Federal Reserve, but prices have fallen since then.
Market participants will closely follow Powell's speech to see if his comments indicate significant tightening after last week's strong jobs data.
