Gold flat at close as investors weigh Powell’s statement

Gold bars

Gold prices erased their early-trading gains at close today, Feb. 11, as investors booked profits after the bullion record run, with markets weighing Federal Reserve Chairman Jerome Powell’s latest hawkish statements.

April gold futures finished flat at $2,932.60 per ounce, after touching $2,968.50 earlier in the session.

Bullion losses were limited by the 0.35% decline in the US dollar index, which measures the US currency strength against a basket of six major currencies, to stand at 107.93 points at 10:49 pm Makkah time.

In a hearing of the Senate Banking Committee, Powell said the US central bank is in no rush to cut interest rates given the strong economy and inflation that exceeds its 2% target.

Markets are awaiting the release of inflation data in the US, as the consumer and producer price index readings are scheduled to be announced on Wednesday and Thursday, respectively.