Gold prices fell on Tuesday, and hit a 7-week low, while on track for a back-to-back loss due to rising US Treasury bond yields, and ahead of Federal Reserve Chairman's testimony before the US Congress..

Gold prices fell 0.8% to the lowest since August 11 at $1,735.73 an ounce, after opening at $1,750.28, and hit a high of $1,754.44.

Gold closed lower by 0.1% yesterday, the third loss in 4 days, as investors focused on the US dollar.

The 10-year US Treasury bond yield rose today and hit a 3-month high at 1.515%.

These developments in the US bond market came due to growing chances of the near tightening of the US monetary policy.

Two members of the US Federal Reserve said on Friday that they feel the US economy is already in good enough shape for the central bank to start reducing monetary support for the economy.

At 14:00 GMT, Federal Reserve Chairman Jerome Powell will testify before the US Senate about the coronavirus and CARES Act, amid anticipation of cues about the timing of the reduction of the bond-buying program.

Gold stocks at the SPDR ETF fell 3.2 metric tonnes yesterday, with the total the lowest level since April 8, 2020 of 990.32 metric tonnes.

Yen declined against most currencies following the release of Bank of Japan's meeting, at which members sounded concerns over economic recovery.

Some members believe recovery could be later than expected as the Covid 19 pandemic continues to have its toll on the economy.

9 members agreed on the strength of capital spending and exports, in turn bolstering growth, however some asked for more caution amidst a few global risks such as a slowdown in China's economy.

Some members in the meeting minutes expected a delay in Japan's economic recovery compared to April's forecasts. 

USD/JPY rose 0.1% as of 05:24 GMT to 111.1, with an intraday high at 111.2. 

Silver prices rose on Monday, as US dollar held against most currencies, after the release of mixed economic data.

Data showed today that the US durable goods orders rose 1.8% in August, beating forecasts of 0.7%.

The core durable goods orders reading (excluding food and fuel prices) rose 0.2% last month, missing forecasts of a rise of 0.5%.

The US Federal Reserve on Wednesday kept the interest rate between zero and 0.25% unchanged, but projected to raise it 3 times in 2023 and 3 more times in 2024, to reach 1.8% by the end of 2024.

The dollar index rose against a basket of major currencies by 0.1% to 93.3 points as of 19:55 GMT, after hitting a high of 93.4 points and a low of 93.2 points.

Silver spot prices rose 0.9% to $22.6 an ounce, as of 21:56 GMT.

The main US stock indices closed mixed on Monday, as Dow Jones closed higher, while Nasdaq and S&P 500 fell.

Data showed today that the US durable goods orders rose 1.8% in August, beating forecasts of 0.7%.

The core durable goods orders reading (excluding food and fuel prices) rose 0.2% last month, missing forecasts of a rise of 0.5%.

Evergrande's real estate crisis continues to grow, which faces a disastrous debt default scenario, which could destabilize many economic sectors in China.

To the oil market, WTI crude October futures rose 2% or $1.47, and closed at $75.45 a barrel.

Brent November futures rose 1.8% or $1.44, and closed at $79.53 a barrel, the highest closing since October 2018.

As for stocks, Dow Jones rose 0.2% or 71 points, and closed at 34,869, with a day high of 35,061, and a low of 34,739.

S&P 500 fell 0.3% or 12 points to 4,443, after hitting a high of 4,457 and a low of 4,436 points.

Nasdaq fell 0.5% or 77 points to 14,969, with a high of 15,003 and a low of 14,864.