Gold Prices Little Changed as Dollar Steadies Ahead of Powell’s Testimony - Gold prices were little changed on Tuesday as the dollar steadied ahead of the U.S. Federal Reserve Chairman Jerome Powell’s first congressional testimony. The U.S. Dollar Index that tracks the dollar against a basket of six major currencies was unchanged at 94.48 on Tuesday as traders awaited further clues on monetary policy when Powell testify on the economy and monetary policy before the U.S. Senate Banking Committee later in the day. The dollar plays a crucial role in determining gold’s direction, as a stronger dollar makes gold more expensive for holders of foreign currency. Ahead of Powell’s appearance, the Fed gave a positive assessment of the U.S. economy, insisting that strong labor markets and inflation would support the central bank’s plan to continue with gradual rate hikes.
Oil steadies on supply outages, U.S. China trade - Oil prices stabilised on Tuesday as worries over supply disruptions balanced signs of increasing production and potential damage to global growth from the U.S.-China trade dispute. "The perception in the oil market seems to be shifting," Carsten Menke, commodity research analyst at Swiss private bank Julius Baer, said. "Fears of shortages, which pushed prices as high as $80 per barrel in early summer, are receding and concerns about looming surpluses growing." Oil prices have fallen by almost 10 percent over the last week as crude export terminals in Libya have reopened and exports from other OPEC countries and Russia have improved. Also undermining prices is concern the growing trade war between the United States and other major trading blocs, particularly, China, could dampen economic activity and hence squeeze oil demand.
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