Gold prices retreated on Wednesday from an all-time high hit in the previous session, as Federal Reserve Chair Jerome Powell's hawkish comment cemented views of slower rate cuts this year, while investors awaited a key U.

Live coverage of Fed Chair Jerome Powell's semiannual address to Congress. He spoke to the Senate on Tuesday and will speak to the House on Wednesday.

Fed chair gave senators little fresh guidance on rate path, but sought to clarify Fed’s relationship with Trump

The hearing before the Senate Banking Committee was relatively quiet absent a few back-and-forths on the economic effects of Donald Trump’s tariffs.

The U.S. dollar fell on Tuesday as Federal Reserve Chair Jerome Powell said the U.S. central bank was in no rush to cut its short-term interest rate again and as traders waited on more concrete information regarding potential trade tariffs by U.

Federal Reserve Chair Jerome Powell will tell the Senate banking committee the Fed isn't "in a hurry" to resume its interest rate cutting campaign.

The U.S. Federal Reserve is in no rush to cut its short-term interest rate again given an economy that is "strong overall," with low unemployment and inflation that remains above the Fed's 2% target,

Powell was also asked about the high cost of home ownership and President Trump's trade policies, but as usual, the Fed chair tried to steer clear of politics.