Gold steadies ahead of Jerome Powell's Congress testimony

Gold prices settled within a tight range of movements on Tuesday as investors shun new positions ahead of new Federal Reserve Chair Jerome Powell's testimony before Congress, which could provide clues on the future of Fed's monetary policy. 

Gold prices rose barely to $1,333.30 an ounce from the opening of $1,332.73, with a session-high at $1,336.71, and a low at $1,331.06. 

Gold closed up 0.3% yesterday as dollar fell against a basket of currencies. 

Gold lost 1.5% last week, the third weekly decline in a month, and the largest this year, as the dollar recovered back then while investment demand dipped. 

Now markets await Fed Chair Jerome Powell's first testimony before Congress to take clues about his stance on monetary policy. 

The first part of the testimony will start at 13:30 GMT today before the House of Representatives' Financial Committee, and the second part on Thursday before the Senate Banking Committee. 

Gold holdings at SPDR Gold Trust, the world's largest gold-backed investment fund, rose 1.77 tonnes yesterday to a total of 831.03 tonnes, the highest since January 31.