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June 22, 2021, 1:49 p.m. EDT

Gold prices end lower, marking their third loss in 4 sessions

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By Myra P. Saefong

Gold futures ended lower on Tuesday to log a third loss in four sessions ahead of Federal Reserve Chairman Jerome Powell's testimony to the House select subcommittee on the coronavirus pandemic. In prepared text released late Monday to be presented at the hearing, Powell said the "Fed will do everything we can to support the economy for as long as it takes to complete the recovery." Last Wednesday, he acknowledged that policy makers have started to discuss the reduction of the central bank's monthly bond purchases. Gold investors have been looking for hints on the Fed's next policy move for guidance on the outlook for gold. August gold fell $5.50, or 0.3%, to settle at $1,777.40 an ounce.

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