11.02.202010:32:00UTC+00Gold Eases From One-week High As Dollar Rises

Gold prices fell slightly from a near one-week high hit in the previous session on Tuesday as the dollar climbed to a four-month high against its rivals ahead of a testimony from Federal Reserve Chairman Jerome Powell.

Investors also watched the latest developments in the coronavirus outbreak, as the death toll in mainland China climbed above 1,000.

As of Monday night, China's National Health Commission reported that a total of 42,638 cases had been confirmed, with 1,016 deaths.

Spot gold edged down 0.2 percent to $1,568.58 per ounce, after having touched its highest level since Feb. 4 at $1,576.76 on Monday. U.S. gold futures were down half a percent at $1,572.05.

Later today, the focus of attention will be on the testimony by Powell before the House Financial Services Panel.

He is likely to sound fairly upbeat about the outlook for U.S. economic growth and will face pointed questions from lawmakers related to the impact of the spreading coronavirus.

Powell will face the Senate Banking Committees Wednesday.

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