Gold down slightly in run-up to Powell’s testimony

Gold prices eased slightly today, June 21, as market focus turned to Federal Reserve Chairman Jerome Powell’s Congressional testimony.

Powell is set to testify before Congress later in the day, potentially offering more cues on the path of monetary policy and interest rates after mixed signals from the Fed last week.

Traders are pricing in a 77% chance that the US central bank would lift key rates by 25 basis points at the coming July meeting, according to the CME FedWatch Tool.

Bullion for August delivery plummeted by 0.13%, or $2.50, to $1,945.20 an ounce at 10:55 am Makkah time, with spot prices also marginally down to $1,934.68 per ounce.

Silver futures for July delivery, likewise, tumbled 0.55% to $23.29 an ounce, amid a 0.54% drop in platinum spot prices to $959.20 per ounce.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, grew modestly by 0.10% to 102.64 points.