LONDON: Gold sank to a one-year low on Thursday as the dollar powered higher after comments from US Federal Reserve chairman Jerome Powell which reaffirmed expectations for more interest rate rises in the world’s largest economy.

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

Among other precious metals, silver was down 1.6pc at $15.27 an ounce, its lowest since last July. Platinum was 2.2pc lower at $795 an ounce.

Published in Dawn, July 20th, 2018