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Gold drops more than 1% as dollar strengthens during Fed testimony

Updated : July 17, 2018 11:41 PM IST

Powell offered an upbeat view of the US economy in an appearance before the Senate Banking Committee, with markets expecting two more interest rate increases this year amid a continued economic expansion.
Spot gold was 1.1 percent lower at $1,226.91 per ounce by 1736 GMT, having earlier hit its lowest since last July at $1,225.58. The metal is down more than 5 percent for the year.
The comments came as China reported slower second quarter growth, though Beijing said that would not affect its 2018 growth target.
Gold drops more than 1% as dollar strengthens during Fed testimony
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