Gold futures settled higher on Wednesday posting highest rate in a weak, kindled by the softness in the dollar after US Federal Chairman Jerome Powell trivialized the possibility for a faster interest rate hike during his testimony yesterday. Low interest rate prospects tend to buoy the yellow metal as it reduces opportunity cost of holding bullion, which pays no interest. The bullion also picked up on some bargain hunting after previous sessional losses.
Gold futures for August jumped about 0.3% or $6 to settle at $1783.40 an ounce on the Comex division of the New York Mercantile. Spot gold rose by 0.3% to $1,783.60 per ounce.