The yellow metal records declines of more than 70%, by $13, in the middle of today’s session, Tuesday, March 7, and is trading at $1833 an ounce, moments before the opening of the US markets and Jerome Powell’s testimony before the congressional banking committee, affected by the rises of the US dollar.

The general index of the US dollar rises by about 0.50% from its lowest levels during the session, as the index concerned with measuring the dollar against a basket of currencies (Dollar Index) trades at 104.60 levels, putting pressure on the yellow metal prices.

After a few moments, the markets are awaiting a hearing for US Federal Council Chairman Jerome Powell before Congress in the semi-annual testimony, which is held twice a year, and he will complete it tomorrow before the House Financial Services Committee.

In a related development, the report of the World Gold Council showed an increase in purchases of gold by central banks around the world in January, by adding 31 tons to its reserves, as Turkey maintained its position as the largest buyer of gold in the world, by purchasing 23 tons in January.

Silver, in turn, is trading at levels of $22.69 an ounce, down by about 1.65%, at its lowest level in four days.

Platinum is trading at $945, down by 3.09%, while palladium is down by 1.45%, trading at $1,419