12.02.202018:29:00UTC+00Gold Futures Settle Marginally Higher

Gold futures settled slightly higher on Wednesday, riding on Federal Reserve Chairman Jerome Powell's testimony before the Senate Banking Committee that the central bank would purchase government bonds to support the economy in the event of a downturn.

A fairly strong dollar limited the yellow metal's uptick.

The dollar index rose to 98.95, gaining nearly 0.25%, after staying a bit sluggish slightly above the flat line earlier in the day.

Gold futures for April ended up $1.50, or about 0.1%, at $1,571.60 an ounce.

On Tuesday, gold futures for April ended down $9.40, or about 0.6%, at $1,570.10 an ounce.

Silver futures for March ended down $0.100 at $17.497 an ounce, while Copper futures for March settled at $2.6000 per pound, gaining $0.0170 for the session.

Gold prices edged lower earlier in the session on Wednesday amid slightly easing worries about the economic impact of the coronavirus outbreak in China.

According to reports, the growth rate of new coronavirus cases in mainland China has slowed to the lowest since January 30.

U.S. President Donald Trump said Chinese President Xi Jinping told him the deadly virus will be gone by April as temperatures begin rising.

Also, expectations of additional stimulus announcements from China prompted investors to seek riskier assets.