Gold continues to rise ahead of Jerome Powell's testimony

Gold prices rose on Tuesday, extending gains for the third day in a row, as the US dollar fell against a basket of currencies, and the US bond yield's rally stopped, ahead of Federal Reserve Chairman Jerome Powell's testimony before Congress..

Gold prices rose more than 0.5% to $1,810.24, after opening at $1,801.45, and hit a day high at $1,800.05.

Gold closed higher by 0.3% yesterday, the second straight daily gain, due to the lingering impact of the disappointing US jobs report released on Friday.

The dollar index fell 0.2% against a basket of major currencies today, which lifts down on dollar-denominated metals.

The US dollar is falling as the US bonds' rally paused, as the 10-year Treasury bonds yield fell today by more than 1.0%, in a pullback from the 2-year high of 1.808% hit yesterday.

At 15:00 GMT, Federal Reserve Chairman Jerome Powell will testify before the Senate Banking Committee.

This testimony is expected to provide cues about the timing of the first US interest rate hike in 2022, as hawkish statements boost the prospects of a hike in March.

Gold stocks at the SPDR ETF remained unchanged yesterday, with the total at the lowest level since December 28 of 977.08 metric tonnes.