Gold Subdued As Yields Rise

Gold prices were subdued on Tuesday as U.S. Treasury yields rose ahead of the critical testimony from Fed Chair Jerome Powell scheduled this week.

Spot gold was little changed at $1,837.46 per ounce, while U.S. gold futures were down 0.1 percent at $1,838.95.

The yield on the benchmark 10-year Treasury note was almost 3 basis points higher at 3.269 percent, while the yield on the 30-year Treasury bond traded 4.5 basis points higher at 3.339 percent.

Investors looked forward to the testimony from Fed Chairman Jerome Powell later this week for more signals on the central bank's commitment to bring inflation back to the 2 percent target.

Canada new housing price index for May and retail sales for April and U.S. existing home sales for May will be featured in the New York session as traders return to their desks after a holiday on Monday.

Meanwhile, U.S. Treasury Secretary Janet Yellen said on Monday that the Biden administration is discussing about price caps or a price exception to enhance energy restrictions on Russia, which would push down its oil prices and depress Putin's revenues.

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