Gold rises moderately on slight weakening of dollar

Gold rose moderately on Tuesday morning, trading just above $1,885 a troy ounce, with the prices buoyed by some weakening of the dollar.

Report informs, citing the auction data, that the price of April gold futures on the New York Comex exchange rose by $7.25, or 0.39%, to $1,886.75 per troy ounce. March silver futures rose 0.5% to $22.348 an ounce.

The dollar index (the exchange rate against a basket of currencies of six US trading partners) fell by 0.11% to 103.51 points.

The gold prices are buoyed by the weaker dollar, making gold more affordable to buy in another currency.

Markets are also looking forward to the speech of US Fed chief Jerome Powell. Later on Tuesday, he will speak at the Economics Club of Washington, with traders waiting for clues on economic expectations and monetary policy, which may affect the dollar and the value of the precious metal.