Gold prices rise for third straight session as US dollar eases

Gold prices surged for the third straight session today, Feb. 8, amid a pullback in the US dollar following Federal Reserve Chairman Jerome Powell’s remarks on monetary policy.

During his speech on Feb. 6, Powell said the US economy's disinflationary process had begun, however, it is “premature to declare victory” on inflation. He also repeated the statement language about ongoing rate hikes.

Fed Governor Lisa Cook noted that the strong January job gains of half a million new positions, paired with moderating wage growth, has raised hopes for a "soft landing" as the US central bank keeps lifting interest rate while the labor market powers ahead.

At settlement today, gold for April delivery rose 0.3%, or $5.90, to $1,890.70 an ounce.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, saw a marginal drop of 0.05% to 103.374 points at 9:53 pm Makkah time.