Gold falls despite falling dollar and US bond yields

Gold prices fell on Tuesday, despite the US dollar's drop against its rivals and the falling US Treasury bond yields.

Federal Reserve Chair Jerome Powell will testify on the Fed’s monetary policy, asset purchases, interest rates and inflation before the House Select Subcommittee.

The Federal Reserve decided last week to hold the interest rate near zero, and forecast 2 interest rate hikes in 2023, and raised its forecast for US GDP growth this year to 7%.

The 10-year US Treasury bonds yield fell to 1.479% today.

The dollar index fell against a basket of major currencies by 0.2% to 91.7 points as of 18:50 GMT, after hitting a high of 92.1 points and a low of 91.7 points.

Gold spot futures fell 0.1% to $1,782 an ounce as of 18:51 GMT, after hitting a day high of $1,790.1 and a low of $1,771.2.