Gold futures rise on technical buying

CHICAGO, Nov. 28 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday, as investors continued to buy more contracts and found little in Federal Reserve Governor Jerome Powell's Senate confirmation hearing to sway expectations for U.S. interest-rate policy.

The most active gold contract for December delivery rose 0.5 dollar, or 0.04 percent, to settle at 1294.9 dollars per ounce.

The Senate Banking Committee on Tuesday held a confirmation hearing for Powell to become Fed chairman. The chairman-designate's opening statement was released late Monday, with Powell saying he would stay the course laid out by current Fed Chair Jenet Yellen to continue raising interest rates while allowing the balance sheet to gradually shrink. Powell is expected to easily win Senate confirmation.

Investors also eyed data showing a monthly jump in U.S. consumer confidence to its highest level in 17 years, which backs the Fed argument for further rate increases.

As for other precious metals, silver for December delivery dropped 19.8 cents, or 1.16 percent, to close at 16.822 dollars per ounce. Platinum for January delivery went up two dollars, or 0.21 percent, to settle at 952.8 dollars per ounce. Enditem