Bengaluru : Gold prices on Wednesday held steady near a one-year low hit in the previous session, as the dollar firmed after Federal Reserve Chairman Jerome Powell´s U.S. economic outlook reinforced views the central bank is on track to steadily hike interest rates.
Spot gold was largely unchanged at $1,227.78 an ounce at 0315 GMT. On Tuesday, it fell 1 percent and hit its lowest since last July at $1,225.58 an ounce. U.S. gold futures for August delivery were little changed at $1,227.80 an ounce.
The stronger dollar following Powell´s comments was weighing on gold prices, said Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank.
"People are selling emerging markets, commodities and buying the dollar as it seems to be the most stable investment.
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