Gold range-bound as markets position for Powell’s testimony

Gold prices remained steady on Wednesday with spot gold trading at $1,936.99 per ounce and US gold futures at $1,948.20. The lack of movement is amid anticipation of Federal Reserve Chairman Jerome Powell’s forthcoming testimony. Investors will look for hints about the central bank’s interest-rate hiking plans. According to the CME Fedwatch tool, a June rate hike probability stands at 78%. Non-yielding gold becomes less attractive when reserves return higher rates.