Gold prices were little changed Tuesday as Fed Chair nominee Jerome Powell struck a somewhat hawkish tone in his confirmation hearing.
Feb. gold edged up by 30 cents to settle at $1,299.20/oz, the highest in a week.
Powell said it was important that inflation rise back to the Fed’s 2% annual target or the central bank risks losing credibility.
He said the Fed will likely raise interest rates in December, as expected, and further raise rates gradually in 2018.
Traders also weighed U.S. economic data.
Home price growth in major U.S. metropolitan areas accelerated by more than expected in the month of September, according to a report released by Standard & Poor’s on Tuesday.
The S&P/Case-Shiller 20-City Composite Home Price Index climbed 6.2 percent year-over-year in September compared to the 5.8 percent growth seen in August. Economists had expected the pace of growth to accelerate to 6.1 percent.
In a sign consumers are entering the holiday season in very high spirits, the Conference Board released a report on Tuesday showing an unexpected improvement in U.S. consumer confidence in the month of November.
The Conference Board said its consumer confidence index climbed to 129.5 in November from an upwardly revised 126.2 in October.
The material has been provided by InstaForex Company – www.instaforex.com
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