Gold On MCX Settled Up 0.12% At 29766 As A Retreat In The Dollar

Gold on MCX settled up 0.12% at 29766 as a retreat in the dollar from highs supported metal prices despite renewed focus on U.S.-China trade tensions. 

In a closely watched two-day congressional testimony, Federal Reserve Chairman Jerome Powell said he believed the United States was on course for years more of steady growth, and carefully played down the risks to the U.S. economy of an escalating trade conflict. 

A prolonged U.S. trade war with China and Europe would dent global economic growth and force investors to reassess the profitability of U.S. companies, some of the biggest hedge funds and private equity investors in the United States warned at an investment conference.

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