Gold Holds Gains With Powell’s Testimony, Stimulus in Focus © Reuters. Gold Holds Gains With Powell’s Testimony, Stimulus in Focus

(Bloomberg) -- Gold steadied after advancing for two days as investors awaited testimony from Federal Reserve Chair Jerome Powell, and weighed the prospect of a large U.S. stimulus package moving closer to approval.

Powell’s semi-annual report at the Senate Banking Committee Tuesday and the next day at the House Financial Services panel will be monitored for further policy guidance and his assessment of the recovery. Meanwhile, the House Budget Committee advanced President Joe Biden’s $1.9 trillion pandemic-relief legislation, setting it up to pass the lower chamber by the end of this week.

Bullion is rebounding after a 2.2% drop last week as traders refocus on rising inflation expectations and the potentially massive economic stimulus. Gold’s gains on Friday and Monday came even as benchmark Treasury yields rose to a one-year high, diluting the appeal of the non-interest-bearing asset. Holdings in bullion-backed exchange-traded funds have also seen steady outflows.

Spot gold was little changed at $1,807.24 an ounce by 9:07 a.m. in Singapore, after rising 1.9% over two days. Silver, platinum and palladium all fell. The Bloomberg Dollar Spot Index was flat after dropping for a third day Monday.

2021 Bloomberg L.P.

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