2019.02.2706:05:00UTC+00Gold Prices Mixed Amid Geopolitical Tensions

Gold prices were mixed on Wednesday as investors kept an eye on escalating tensions between India and Pakistan.

After Indian warplanes destroyed Jaish-e-Mohammad terror camps in Pakistan, the latter said it shot down two Indian jets in its territory.

Spot gold edged down 0.15 percent to $1,327.14 per ounce while U.S. gold futures were marginally higher at $1,328.85 per ounce.

The dollar remained near a three-week low after Federal Reserve chairman Jerome Powell reiterated a "patient" approach on policy, saying volatility in the financial markets toward the end of 2018 and financial conditions are "less supportive of growth than they were earlier last year."

Powell also cited slowing economic growth in foreign countries, particularly China and Europe, as well was uncertainty about Brexit and ongoing trade talks between the U.S. and China.

The British pound continued to surge against the dollar and euro amid increased speculation about a delay to Brexit.

On the data front, Eurozone economic sentiment deteriorated for a sixth consecutive month and at a faster than expected pace in February, survey results from the European Commission showed today.

Powell's second day of testimony on Capitol Hill as well as U.S. reports on pending home sales and factory orders may sway investor sentiment later in the day.

Traders also await the second summit between U.S. President Donald Trump and North Korean leader Kim Jong Un in Vietnam after their last meeting ended with a vaguely worded agreement.