RIYADH: Gold prices retreated on Monday from an earlier 2-1/2 week high as traders awaited US Federal Reserve Chair Jerome Powell’s testimony this week for hints on future rate hikes.
Spot gold was down 0.2 percent at $1,851.52 per ounce as of 0930 GMT after hitting its highest since Feb. 15 in earlier trade at $1,858.19. US gold futures rose 0.2 percent to $1,858.90.
All eyes are on Powell’s testimony to Congress on Tuesday and Wednesday, followed by the February jobs report due on Friday.
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