Gold prices still climbing on US dollar pullback

Gold prices closed in the green today, Feb. 7, following Federal Reserve Chairman Jerome Powell’s remarks on monetary policy.

Powell said the US economy's disinflationary process had started, however, it is “premature to declare victory” on inflation.

He repeated the statement language about ongoing rate hikes, and stressed the woes that inflation can cause for consumers and the labor market.

At settlement today, gold for April delivery ticked 0.3% higher, or $5.30, to $1,884.80 an ounce.

On the other hand, the US dollar index, which gauges the greenback's strength against a basket of six currencies, contracted by 0.1% to 103.462 points at 10:16 pm Makkah time.