Gold prices slip to three-week low as dollar holds firm

Gold prices fell to a three-week low on Thursday, weighed down by a stronger dollar, while investors awaited the second session of Federal Reserve chairman Jerome Powell's testimony before the Senate Banking Committee later in the global day.

Spot gold was 0.3% lower at $1,313.81 an ounce at 1.14pm, after touching $1,312.26, the lowest since 9 February. Prices have fallen over 1% so far this week.



US gold futures were down 0.2% at $1,314.7 per ounce.

The dollar index, which measures the greenback against a basket of major currencies, was steady at 90.617. It had earlier touched its highest since 19 January at 90.744.

"US dollar firmness continues to weigh on gold but (the metal) found some support on weakness in equities," said a Hong Kong-based trader.