Gold On MCX Settled Down -1.17% At 29729 As The U.S. Dollar

Gold on MCX settled down -1.17% at 29729 as the U.S. dollar strengthened during testimony by U.S. Federal Reserve Chairman Jerome Powell to the U.S. Congress. 

Powell offered an upbeat view of the U.S. economy in an appearance before the Senate Banking Committee, with markets expecting two more interest rate increases this year amid a continued economic expansion. 

The Fed's Powell said on Tuesday he sees the United States on course for years more of steady growth, but was challenged in a congressional hearing by senators worried the Trump administration's trade policies were already damaging businesses in their districts.

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