Gold prices moved in a tight range Wednesday after two-straight sessions of declines, as investors refrained from making large bets ahead of the Fed testimony.
"The expected sustained tightening bias is weighing on gold. In this light, Chairman Powell's testimony could have a major short-term impact on the market," said Clifford Bennett, chief economist at ACY Securities.
Two Federal Reserve policymakers and an economist nominated to join them on the Fed's Washington-based board on Tuesday said their focus is on bringing down too-high inflation so that the U.S. economy can get back to sustainable growth. "For the moment gold is under the great interest rate threat hammer, but the very real on-going strong jewelry and manufacturing demand should eventually win the day," Bennett added.
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