Gold futures end higher, with the U.S. dollar lower in the wake of Powell’s remarks

Gold futures climbed on Tuesday, posting a second straight session gain, with prices finding support from some weakness in the U.S. dollar as Federal Reserve Chairman Jerome Powell spoke at the Economic Club of Washington. Powell said that the U.S. jobs report released Friday shows that the Fed needs to keep raising interest rates, but he expects a “significant” slowdown in inflation. Near term, gold and silver are “likely to remain traders’ markets, punctuated by spikes and troughs as consumers acclimatize to these higher levels and U.S. data either confirm or refute hopes for a turnaround in Fed policy,” said Adrian Ash, director of research at BullionVault. Gold for April delivery
GCJ23,
+0.71%
rose $5.30, or 0.3%, to settle at $1,884.80 an ounce on Comex.