Gold firm

Bengaluru : Gold prices were steady on Tuesday, as the U.S. dollar remained largely unchanged ahead of U.S. Federal Reserve Chairman Jerome Powell´s first congressional testimony.

Spot gold was up 0.1 percent at $1,241.20 an ounce at 0420 GMT, while U.S. gold futures for August delivery were up 0.1 percent at $1,241.60 an ounce.

The dollar index was steady against major peers on Tuesday, as investors awaited Federal Reserve Chairman Jerome Powell´s first congressional testimony for any clues on the pace of U.S. interest rate rises.

Fed´s Powell takes his upbeat view of the U.S. economy to Capitol Hill on Tuesday, with markets and many of his colleagues expecting two more interest rate increases this year amid a continued economic expansion. Higher U.S. rates tend to boost the dollar, in which the metal it is priced.