WASHINGTON (dpa-AFX) - Gold prices were moving higher on Wednesday amid rising bets for Federal Reserve interest-rate cuts this year.
Spot gold edged up by 0.4 percent to $2,372.06 per ounce, while U.S. gold futures were up half a percent at $2,378.70.
The dollar rose from a three-week low as investors eyed the second round of testimony by Federal Reserve Chair Jerome Powell.
In testimony Tuesday before the Senate Banking Committee, Powell reiterated that officials seek more evidence inflation is slowing down.
He also warned of the risk that leaving interest rates at an elevated level for too long could jeopardize economic growth.
His testimony comes ahead of key readings on U.S. consumer inflation and producer inflation later this week.
Thursday's CPI data is expected to show consumer prices eased to 3.1 percent in June from 3.3 percent in May, while the annual rate of core consumer price growth is expected to hold at 3.4 percent.
A report for inflation at the wholesale level is expected Friday.
A majority of economists currently expect that the U.S. central bank will cut its main interest rate as soon as September.
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