Jun 20, 2022 11:27PM ET
Gold was down Tuesday morning in Asia as the U.S. dollar weakened while investors watched the major central banks' stance on interest rate hikes.
Gold futures were up 0.12% at $1,842.95 by 11:23 a.m. ET, and the dollar, which normally moves inversely to gold, fell Tuesday morning.
U.S. 10-year Treasury bond yields rose, keeping gold prices in check.
"The (gold) market remains quiet as policymakers will explain the rationale behind their decisions this week after a historic week for global central banks," said Stephen Innes, managing partner at SPI Asset Management.
The U.S. Federal Reserve has raised interest rates by the largest amount since 1994 in an effort to curb soaring inflation, and several major central banks have followed suit.
While market participants don't expect Powell to reinvent the policy wheel, we could expect him to reinforce the idea that the Fed is in a data-dependent mode. Therefore, gold and all interest rate-sensitive assets will be exposed to "headline risk," Innes added.
Fed Chairman Jerome Powell will testify before the Senate and House on Wednesday and Thursday.
Among other precious metals, silver rose 0.39%. Platinum added 0.74%, while palladium climbed 1.32%