02:00 PM EDT, 03/31/2026 (MT Newswires) -- )Updates prices.)

Gold traded higher for a third-straight session midafternoon on Tuesday as the dollar and yields fell after Federal Reserve Chair Jerome Powell said the central bank sees no need to raise interest rates despite higher energy prices.

Gold for May delivery was last seen up US$128.50 to US$4,686.00 per ounce.

CNBC reported Powell on Monday said the central bank sees inflation remaining steady even as oil prices are up by more than half since the Feb.28 start of the U.S.-Israel war on Iran and the average U.S. gasoline price has climbed above US$4.00 per gallon for the first time since 2022. In a talk to Harvard University, Powell said the central bank will focus on assuring stable prices and low unemployment while looking beyond the "short-term gyrations of the energy market", according to the news service.

Reports saying U.S. President Trump is considering ending the war on Iran even as the Strait of Hormuz remains closed is also offering support for the precious metal.

"Gold trades higher for a third consecutive session ... supported by comments from Fed Chair Powell that helped ease rate-hike concerns. Additional support stems from reports that President Trump may be willing to end the war without reopening the Strait of Hormuz-potentially signalling higher-for-longer oil prices and sustained risks to economic growth," Saxo Bank noted.

The dollar was lower, with the ICE dollar index last seen down 0.57 points to 99.94. Treasury yields also eased, with the yield on the U.S. two-year note down 4.3 basis points to 3.795%, while the 10-year note was paying 4.314%, down 4.2 points.