Gold rises on remarks of Fed chair

By Xu JingUnreguser

CHICAGO, Feb. 7 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday on the remarks of Jerome Powell, chair of the U.S. Federal Reserve.

The most active gold contract for April delivery rose 5.3 U.S. dollars, or 0.28 percent, to close at 1,884.8 dollars per ounce.

In a speech at the Economic Club of Washington, D.C., Powell said the Federal Reserve needs to keep raising interest rates. But he expects a slowdown in inflation, saying the disinflationary process has begun, though the process would take quite a bit of time and wouldn't be smooth.

U.S. Commerce Department reported Tuesday that the overall U.S. trade deficit rose 12.2 percent to near one trillion dollars in 2022.

Silver for March delivery fell 6 cents, or 0.27 percent, to close at 22.177 dollars per ounce. Platinum for April delivery rose 11.6 dollars, or 1.19 percent, to close at 986.2 dollars per ounce.

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