- Gold prices rose during trading on Tuesday, as investors awaited today's testimony by Federal Reserve Chairman Jerome Powell before the US Senate Banking Committee on the semi-annual monetary policy report, in order to obtain more information about the future path of interest.
- Gold futures for August delivery rose 0.36%, or $8.4, to $2,371.90 an ounce.
- Spot gold rose 0.23% to $2,364.58 an ounce, September silver futures jumped 1.43% to $31.36, and spot platinum rose 0.65% to $1,009.94 an ounce.
- Kelvin Wong, Asia-Pacific market analyst at OANDA, said that if Powell refers to weak US economic activity, either directly or indirectly, in his testimony, this will be a supportive factor for gold prices, according to Reuters.
- Powell will testify before the Senate and House of Representatives on Tuesday and Wednesday, respectively, ahead of Thursday's release of consumer price inflation data, which is expected to slow to 3.10% on an annual basis in June from 3.30% the previous month.
