Gold Price Holds Steady Above $5,000, Market Awaits Powell's Speech and Data Guidance

Odaily News Gold prices remain above $5,000. This support primarily stems from persistent safe-haven demand triggered by geopolitical risks, as well as widespread investor selling of currencies and sovereign bonds. Investors are currently closely watching the upcoming U.S. consumer confidence data to be released later on Tuesday, as well as Federal Reserve Chair Powell's speech on Wednesday. FP Markets analyst Aaron Hill stated that if Powell clearly pushes back against political pressure, demonstrating a firm stance in defending the Fed's independence, it could boost the U.S. dollar in the short term; whereas if his remarks lean towards supporting gradual interest rate cuts, it could further pressure the dollar's trajectory. (Jin10)