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July 14, 2021, 1:41 p.m. EDT

Gold prices logs highest settlement in nearly a month

Gold prices climbed on Wednesday, marking the highest settlement since mid-June, finding support on the back of a decline in the U.S. dollar and Treasury yields, as Federal Reserve Chairman Jerome Powell offered his first day of his two-day testimony to Congress on the state of the economy. Powell said he believes the sharp rise in inflation will eventually moderate, easing concerns that the central bank will make a move to ease monetary stimulus measures which could pressure gold. August gold rose $15.10, or 0.8%, to settle at $1,825 an ounce. That was the highest most-active contract finish since June 16, FactSet data show.

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