XAUUSD

Gold futures are trading nearly flat shortly before the regular session opening on Tuesday while hovering near a seven-week low hit last week. Earlier in the session, the market gave back some of yesterday’s gains in response to an uptick in Treasury yields and a firmer U.S. Dollar. Volume is relatively light and traders are being cautious ahead of the Congressional testimony of Federal Reserve Chairman Jerome Powell later in the day.
Aside from Powell’s testimony, the early choppy trade suggests investors are responding to the overnight weakness in the stock market. Lower equity prices may be driving up demand for safe-haven Treasury bonds, which could be boosting the investment appeal of gold