Gold prices dip as dollar and bond yields rise

Bengaluru — Gold prices eased on Tuesday, hurt by a stronger dollar and rising US Treasury yields, while investors awaited more cues from Federal Reserve officials on the central bank’s monetary policy shift.

Fed chair Jerome Powell is due to testify later in the day before Congress on the central bank’s policy response to the pandemic. In prepared remarks, Powell said the US central bank would move against unchecked inflation if needed. China’s central bank vowed to protect consumers exposed to the housing market on Monday and injected more cash into the banking system as the Shenzhen government began investigating the wealth management unit of ailing developer Evergrande.

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