Gold Holds Steady As Investors Await Powell's Speech

Gold prices held steady on Tuesday and the dollar traded weak to hover near a five-week low as investors monitored the evolving situation in Russia after a failed mutiny.

Spot gold inched up 0.1 percent to $1,924.59 per ounce, while U.S. gold futures were little changed at $1,934.05.

Concerns over Russia subsided somewhat following an aborted uprising.

Making a statement to the nation about Saturday’s aborted armed mutiny, Russian President Vladimir Putin said he took steps to avoid large-scale bloodshed.

Putin’s unscheduled televised address came just hours after Yevgeny Prigozhin, Wagner group chief, said he had never intended to overthrow the Russian government.

Elsewhere, Chinese Premier Li Qiang said today that growth has picked up this quarter and more stimulus was in store.

China’s GDP growth in the second quarter is likely to be higher than the first and could reach the annual economic growth target of around 5 percent, Li Qiang said while addressing a World Economic Forum summit in Tianjin.

China industrial profits figures as well as reports on manufacturing and non-manufacturing due this week may provide hints for further stimulus measures to bolster economic recovery.

Looking ahead, investors await crucial U.S. economic data this week, including reports on durable goods orders, consumer confidence, new home sales and pending home sales for a cleared picture on the macroeconomic situation.

The Commerce Department is due to release its report on personal income and spending for May, which includes a reading on inflation said to be preferred by the Federal Reserve.

Fed Chair Jerome Powell would be speaking at the policy panel before the European Central Bank Forum in Sintra on banking on Wednesday.

European Central Bank President Christine Lagarde said earlier today that the central bank is committed to attain the 2 percent inflation target and the bank will continue to increase rates in July.

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