Gold closes at lowest level since Feb. 24

Gold prices ended in the red today, March 7, hit by a stronger US dollar amid growing fears of a more aggressive tightening of monetary policy by the Federal Reserve.

Gold for April delivery contracted by 1.90%, or $34.60, to $1,820 an ounce — the lowest close since Feb. 24.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, jumped 1.15% to 105.55 points at 09:36 pm Makkah time.

Also today, Fed Chairman Jerome Powell warned, in testimony before the Senate Banking Committee, the central bank may have to push interest rates higher than previously anticipated in order to tame runaway inflation.

"Although inflation has been moderating in recent months, the process of getting inflation back down to 2% has a long way to go and is likely to be bumpy," Powell told senators.