Gold Price Extends Losses As US Dollar Index Rallies

New York (Feb 27)  Gold prices have extended earlier losses and are now moderately lower in late-morning trading Tuesday. Gold starting slipping lower when the U.S. dollar index started to rally and the USDX is now trading at its session high. Prepared text from Fed Chairman Jerome Powell, released about two hours ago, was deemed just a bit hawkish on U.S. monetary policy, which helped to boost the U.S. dollar index. Traders are closely listening to U.S. House of Representatives question Powell. April gold futures were last down $8.50 an ounce at $1,324.30.

By 11am EST spot gold price was down nearly $14 to $1,318, while spot silver slid 23 cents to $16.39. However, spot palladium was pounded down $17 to $1,048.

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