Gold prices held steady Tuesday after moving in a tight range in holiday-thinned trading, as investors awaited direction from Fed Chair Jerome Powell this week.
"Gold prices seem exhausted lately, as intermittent bounces over the past month have failed to find much follow-through ... This comes on the back of firmer Treasury yields, which have kept a lid on the non-yielding yellow metal's upside," IG market analyst Yeap Jun Rong said.
Investors are now focusing on Powell's congressional testimony on Wednesday and Thursday for further guidance on interest rates following the Fed's hawkish pause on monetary policy tightening last week. Although gold is considered a hedge against inflation, interest rate hikes raise the opportunity cost of holding non-yielding bullion.by the central bank has been disappointing to some, which translates to some offloading in place," IG's Jun Rong added.
The U.S. dollar, meanwhile, rose broadly on Tuesday and notched a seven-month high against the yen, while the yuan slipped after China cut two benchmarkAdditionally, the European Central Bank should raise interest rates again in July as inflation risks are skewed towards higher outcomes,
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