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Gold prices traded flat on US $ rise

Gold prices traded lacklustre in early trade on MCX on Wednesday (June 21) tracking weak global cues and the dollar's rise ahead of Federal Reserve Chairman Jerome Powell's congressional testimony.

Powell delivers a semi-annual monetary policy testimony to the US House Financial Affairs Committee at 1400 GMT and market participants will be looking out for the central bank's thinking on the need for further interest rate increases amid hawkish remarks from policymakers."

As per media reports, Gold August futures contracts settled at $1,947.70 per troy ounce down by 0.74 per cent and silver July futures contracts settled at $23.23 per troy ounce, down by 3.27 per cent. In the domestic market, the Gold August futures contract settled at ₹58,809 per 10 grams with a loss of 0.59 per cent

In the previous session, gold and silver settled on a weaker note in the international and domestic markets.

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