Gold futures on the COMEX division of the New York Mercantile Exchange closed slightly lower on Tuesday despite a weakened U.S. dollar.
The most active gold contract for April delivery dropped 1.00 U.S. dollar, or 0.08 percent, to settle at 1,328.50 dollars per ounce.
The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, fell on Tuesday but managed to stay above 96.
Federal Reserve Chairman Jerome Powell told U.S. Congress in a testimony Tuesday that the central bank will be "taking a patient approach" in determining future changes in monetary policy.
He said policy decisions "will continue to be data dependent and will take into account new information as economic conditions and the outlook evolve."
The wait-and-see approach failed to trigger notable changes in market trends, said analysts.
The U.S. equities gave up gains in a fluctuating session after Monday's rally over the latest progress in the U.S.-China trade talks. The stock losses supported gold during the ensuing electronic trading, which rebounded to positive territory.
As for other precious metals, silver for March delivery went up 0.2 cent, or 0.01 percent, to close at 15.832 dollars per ounce. Platinum for April delivery jumped 6.80 dollars, or 0.8 percent, to settle at 860.40 dollars per ounce.
The most active gold contract for April delivery dropped 1.00 U.S. dollar, or 0.08 percent, to settle at 1,328.50 dollars per ounce.
The U.S. dollar index, a gauge of the greenback against a basket of other major currencies, fell on Tuesday but managed to stay above 96.
Federal Reserve Chairman Jerome Powell told U.S. Congress in a testimony Tuesday that the central bank will be "taking a patient approach" in determining future changes in monetary policy.
He said policy decisions "will continue to be data dependent and will take into account new information as economic conditions and the outlook evolve."
The wait-and-see approach failed to trigger notable changes in market trends, said analysts.
The U.S. equities gave up gains in a fluctuating session after Monday's rally over the latest progress in the U.S.-China trade talks. The stock losses supported gold during the ensuing electronic trading, which rebounded to positive territory.
As for other precious metals, silver for March delivery went up 0.2 cent, or 0.01 percent, to close at 15.832 dollars per ounce. Platinum for April delivery jumped 6.80 dollars, or 0.8 percent, to settle at 860.40 dollars per ounce.
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