Gold prices edged lower on Tuesday as the dollar firmed up against some of its peers, rebounding from recent losses.

The market was also reacting to the Federal Reserve Chairman Jerome Powell’s testimony before the Senate Banking Committee. Powell told the members that the bank is likely to maintain ultra-easy monetary policy for the foreseeable future.

The dollar index rallied to 90.26, recovering from a low of 89.94, before easing to 90.10, netting a gain of 0.1%.

Gold futures for April ended up $2.50 or about 0.1% at $1,805.90 an ounce.

Silver futures for March ended lower by $0.397 at $27.688 an ounce, while Copper futures for March settled at $4.1785 per pound, gaining $0.0375 for the session.

Powell’s prepared remarks today largely mirrored recent assessments, indicating interest rates will remain at near-zero levels and the Fed will continue its asset purchases at the current rate until “substantial further progress” has been made toward its goals of maximum employment and price stability.

“The economy is a long way from our employment and inflation goals, and it is likely to take some time for substantial further progress to be achieved,” Powell said.

The Fed chief said annual inflation remains below the central bank’s 2% target and reiterated monetary policy is likely to remain unchanged until inflation is on track to moderately exceed 2% for “some time.”

Powell stressed that the Fed remains committed to using its full range of tools to support the economy and to help ensure the recovery will be as robust as possible.

Meanwhile, a report released by the Conference Board today showed consumer confidence in the U.S. has improved more than expected in the month of February. The report said the CB’s consumer confidence index rose to 91.3 in February from a downwardly revised 88.9 in January. Economists had expected the consumer confidence index to inch up to 90.0 from the 89.3 originally reported for the previous month.

The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.