Fed, economic uncertainty keeps gold in holding pattern

Federal Reserve Chair Jerome Powell is expected to testify before Congress on Wednesday, potentially serving up more cues on U.S. monetary policy after the central bank paused its rate hike cycle last week.

But gold came under pressure as the Fed also flagged a higher peak interest rate this year, which could herald more hikes from the bank as it moves against sticky inflation.

Spot gold fell 0.1% to $1,948.72 an ounce, while gold futures fell 0.1% to $1,960.15 an ounce.

Uncertainty over rising interest rates, coupled with mixed signals on a potential recession this year kept gold trading within a tight trading range for the past month.

Prices have moved largely between $1,925 and $2,000 an ounce, with few catalysts allowing for a breakout in either direction.

While the prospect of rising interest rates has kept gains in gold limited, the yellow metal remained supported by some safe haven demand as investors positioned for a potential recession this year.

Other precious metals followed a similar trend as gold, with platinum and silver futures both treading water on Tuesday.

Focus this week is also on a slew of Fed speakers for more cues on monetary policy, as well as U.S. business activity data for June.

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