Gold futures on the COMEX division of the New York Mercantile Exchange settled lower on Thursday as the U.S. dollar stayed firm.
The most active gold contract for April delivery fell 12.70 dollars, or 0.96 percent, to close at 1305.20 dollars per ounce.
U.S. Federal Reserve's new chairman Jerome Powell has pledged to gradually raise interest rates in 2018. His remarks on rate hikes and inflation earlier this week were deemed a continuation of his predecessor's approach of "cautious hawkishness, " thus strengthened the dollar and pushed the gold prices lower for three consecutive sessions.
On Thursday, Powell, who has been testifying before the U.S. Congress, made some cautionary remarks about inflation, leading the dollar to pare some of its gains.
The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, rose 0.03 percent to 90.68 as of 1833 GMT.
Gold and the dollar typically move in opposite directions. If the dollar strengthens, gold futures will fall as gold, priced in U.S. dollar, becomes less attractive to investors using weak currencies.
As for other precious metals, silver for May delivery fell 13.1 cents, or 0.80 percent, to settle at 16.276 dollars per ounce. Platinum for April went down 30.30 dollars, or 3.07 percent, to close at 957.80 dollars per ounce.
The most active gold contract for April delivery fell 12.70 dollars, or 0.96 percent, to close at 1305.20 dollars per ounce.
U.S. Federal Reserve's new chairman Jerome Powell has pledged to gradually raise interest rates in 2018. His remarks on rate hikes and inflation earlier this week were deemed a continuation of his predecessor's approach of "cautious hawkishness, " thus strengthened the dollar and pushed the gold prices lower for three consecutive sessions.
On Thursday, Powell, who has been testifying before the U.S. Congress, made some cautionary remarks about inflation, leading the dollar to pare some of its gains.
The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, rose 0.03 percent to 90.68 as of 1833 GMT.
Gold and the dollar typically move in opposite directions. If the dollar strengthens, gold futures will fall as gold, priced in U.S. dollar, becomes less attractive to investors using weak currencies.
As for other precious metals, silver for May delivery fell 13.1 cents, or 0.80 percent, to settle at 16.276 dollars per ounce. Platinum for April went down 30.30 dollars, or 3.07 percent, to close at 957.80 dollars per ounce.
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