Gold Prices Sink To New 1-Year Low Ahead Of Powell Testimony
(Kitco News) - Gold prices have weakened and are at daily lows and have hit a one-year low in mid-morning trading Tuesday, just ahead of Fed Chairman Jerome Powell's testimony on U.S. monetary policy before the Senate Banking Committee. Sell stop orders were triggered in the futures market when prices dropped below key chart support levels. Bearish "outside markets" that include a higher U.S. dollar index and lower crude oil prices are also working against the precious metals market bulls on this day. August gold was last down $7.90 at $1,231.70.
According to analysts, gold has been unable to attract any investor interest as it fights against surging momentum in the U.S. dollar. The greenback has benefited from hawkish sentiment from the Federal Reserve. Last month the central bank forecasted two more rate hikes this year.