Gold prices rise as Powell’s testimony awaits

Gold prices rose on Wednesday, amid a marginal decline in the US dollar, as markets awaited the testimony of Federal Reserve Chairman Jerome Powell.

Spot gold rose 0.3% to reach $1,813.59 per ounce, and gold futures contracts for August rose 0.25%, or $4.6, to reach $1,814.5 per ounce, by 10:54am Makkah time.

Elsewhere, silver futures for September settled at $26.17 per ounce, palladium declined 0.4% to reach $2,845.7 per ounce, and platinum rose to $1,114.64 per ounce.

Investors' focus has now shifted to the Federal Reserve, with Powell due to testify before Congress later today, July 14, looking for any signs of rising price pressures and monetary support.