Powell disappointed investors' expectations
The USD is hovering at a 7-month low
Markets await US inflation data
Gold held on to gains from a weaker US dollar, as investors' focus turned to the release of US inflation data.
Rounding out the Asian session, the yellow metal traded steady at $1,872 an ounce, remaining at an 8-month high. Meanwhile, gold futures were little changed at $1,877 per ounce.
The chairman of the Federal Reserve (Fed), Jerome Powell, who spoke at the central bank conference in Stockholm during the New York session, unfortunately failed to give new indications on interest rates.
In the absence of new guidance from Powell, investors remain clinging to expectations for a smaller rate hike at the February policy meeting of either 25 basis points or 50 basis points.
This led to gold trading continuing to maintain gains by moving flat as investors now focus on the release of US inflation data on Thursday.
The US dollar continued to move bleakly at its weakest level in 7 months in line with lower 10-year US treasury yields.
