2023.02.0709:13:00UTC+00Gold Edges Higher As Dollar Declines Ahead Of Powell's Speech

Gold inched higher on Tuesday and the dollar eased as investors kept a close eye on a speech by the Fed Chair later in the day, for any change in the central bank's rhetoric.

Spot gold rose 0.4 percent to $1,874.60 per ounce, while U.S. stock futures were up 0.4 percent at $1,887.15.

Powell's comments in a conversation with David Rubenstein, Chairman of the Economic Club of Washington, D.C., will be in focus today, after data last week showed robust job growth, as well as strong services activity in January.

The economic calendar remains light, with reports on the U.S. trade deficit and consumer credit awaited.

German industrial production fell more than expected in December, while U.K. retail sales growth slowed in January, new figures showed earlier today.

The British pound hit a new one-month low against the dollar on expectations that the Bank of England might end or possibly reverse its monetary tightening cycle soon.