* Spot gold was up 0.4% at
* World stocks fell due to concerns about rising interest rates and a possible recession.
* In addition, rising food prices caused consumer price inflation in the
* “The fear of rising recession and inflation risks is a good backdrop in terms of safe-haven demand; it’s not that everyone is rushing into gold, but people are clearly holding on to their positions at the moment,” said
* Limiting gold’s gains, the dollar index was up 0.1%, making the bullion more expensive for foreign buyers.
* Powell is scheduled to testify before
* In other precious metals, silver was down 0.9% at
(Additional reporting by