Gold prices saw profit-taking on Tuesday after their recent spikes, as market participants awaited insights from Federal Reserve Chair Jerome Powell's testimony. The rise in gold prices had been strongly influenced by safe-haven demand due to escalating trade tensions and economic uncertainties. With Powell emphasizing the economy's resilience, upcoming inflation data could further affect expectations around interest rate cuts, potentially introducing volatility in gold prices. Additionally, geopolitical tensions, along with substantial central bank purchasing, underline gold's status as a safe haven amid turbulent times.
Gold prices fluctuated amid profit-taking, driven by safe-haven demand due to trade tensions and economic uncertainty, as markets await Powell's monetary policy insights.
Jerome Powell's testimony is a focal point as traders look for clues about interest rates and economic resilience, potentially impacting gold price volatility.
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