Gold Recovered On Short Covering After Prices Seen Under Pressure As The Dollar Rose

Gold recovered on short covering after prices seen under pressure as the dollar rose after comments from Fed Chairman that reaffirmed expectations more U.S. interest rate increases are on the way this year. 

The Fed raised rates in June and policymakers have indicated they expect two more increases this year. 

Powell said nothing in two days of congressional testimony this week to suggest otherwise. U.S. President Donald Trump told he is "not thrilled" about interest rate increases because they strengthened the dollar, making U.S. exports more expensive overseas.

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