Gold Declines as Dollar Strengthens Ahead of Powell Testimony
- Fed Chair to testify before House Select Subcommittee Tuesday
- Written remarks show inflation should move back toward target
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Gold slipped as the dollar strengthened ahead of testimony by Federal Reserve Chair Jerome Powell, who may provide more clues on the outlook for monetary policy.
Inflation had picked up but should move back toward the Fed’s target once supply imbalances clear, Powell said in written remarks for his appearance Tuesday before a U.S. House subcommittee. Powell may face questions on his views about the pace of the economic rebound.