Gold declined more than 1 percent and hit its lowest in a year on Tuesday as the U.S. dollar strengthened during testimony by U.S. Federal Reserve Chairman Jerome Powell to the U.S. Congress.

Powell offered an upbeat view of the U.S. economy in an appearance before the Senate Banking Committee, with markets expecting two more interest rate increases this year amid a continued economic expansion.

The dollar, in which gold is priced, gained against a basket of currencies during the testimony, making gold more expensive for non-U.S. investors.

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