Gold prices hold steady above $5000 as the market awaits Powell's speech and data guidance

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Mars Finance News, gold prices remain above $5000. This support mainly comes from the ongoing geopolitical risks that continue to trigger safe-haven demand, as well as widespread selling of currencies and sovereign bonds by investors. Investors are currently closely watching the upcoming US 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 said that if Powell clearly pushes back against political pressure and demonstrates a firm stance in defending the Federal Reserve’s independence, it could boost the dollar in the short term; whereas if his remarks lean towards supporting gradual rate cuts, it could further suppress the dollar’s trend.

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