Gold Declines as Dollar Rises

Gold prices fell due to the rise of the dollar on Wednesday, as investors awaited signals regarding interest rates from U.S. Federal Reserve Chair Jerome Powell's testimony before Congress. Spot gold dropped 0.1% to $1,934.20 per ounce by 11:12 AM GMT, with its movements confined to an eight-dollar range. U.S. gold futures also decreased by 0.1% to $1,945.40, while the dollar gained 0.1%, making gold more expensive for holders of other currencies. In terms of other precious metals, silver in spot trading fell 0.5% to $23.06 per ounce, platinum declined to $952.62, and palladium dropped 1.9% to $1,354.55.