Update: Gold Closes With a Gain Even as the Dollar and Yields Rise Following Powell Comments

Gold gold closed higher for a second day on Tuesday as the precious metal continues to buck a rising dollar after the head of the Federal Reserve said the central bank will continue to raise rates if other economic data is stronger than expected following last week's robust January jobs report.

Gold for April delivery closed up US$5.30 to US$1,884.80 per ounce.

The metal has been supported by tensions between the United States and China after destruction of a Chinese balloon that floated over the United States until being shot down over the Atlantic on the weekend. The geopolitical worries are offering support to the metal after it plunged back below US$1,900 on Friday when the United States reported it added 517,000 jobs in January, more than double analysts' expectations, sending the dollar and bond yields surging on expectations the Federal Reserve will take a more hawkish approach to rate increases to slow the economy.

In his first public appearance since the report, Fed Chair Jerome Powell said the report showed the central bank has further to go on rate increases and will "respond accordingly" should other economic releases show the economy is not slowing down.

The dollar and bond yields have continuing climbing following the jobs report, usually a bearish sign for gold. The ICE dollar index was last seen up 0.02 points to 103.65, while the US 10-year note is paying 3.664%, up 2.0 basis points.

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