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Gold extends gains ahead of Jerome Powell Congressional testimony
Gold prices rose on Tuesday, extending gains for the second straight day, near a 3-week high as the US 10-year Treasury bond yields fell, ahead of the Federal Reserve Chairman's semi-annual testimony before the US Congress.
Gold prices rose more than 0.5% to $1,817.60 an ounce, after opening at $1,807.74, and a high at $1,804.56.
Gold closed higher by 0.1% yesterday, above the $1.800 barrier, despite the US dollar's strong rise.
The 10-year US Treasury bond yield fell 2.1% today, the first loss in 4 days.
This comes ahead of Federal Reserve Chairman Jerome Powell's semi-annual testimony, which is expected to deliver cues on the future of the US monetary policy.
At 16:00 GMT, Jerome Powell will deliver his testimony before the US House of Representatives Financial Services Committee in Washington, D.C.
Gold stocks at the SPDR ETF remained unchanged yesterday, with the total at the lowest level since last May 20 of 1,037.28 metric tonnes.
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