|Day's range||1,455.50 - 1,503.50|
Gold prices rose on Tuesday, drawing support from a weaker U.S. dollar even as higher bond yields and easing worries about a full-blown banking crisis limited gains for the safe-haven asset. Following two sessions of declines, spot gold gained 0.7% to $1,970.88 per ounce by 1:40 p.m. EDT (1740 GMT). In the first congressional hearing into the sudden collapse of two U.S. regional lenders and the ensuing chaos in markets, a top U.S. regulator criticized Silicon Valley Bank over its risk management, as lawmakers demanded to know why warning signs of trouble were missed.
Gold dipped on Friday in a volatile week that saw bullion prices north of the key $2,000 figure as bank contagion fears bolstered both safe-haven demand and bets on a pause in Federal Reserve rate hikes. The U.S. dollar rose about 0.5%, making the greenback-priced gold more expensive among overseas buyers on Friday. Spot gold fell 0.8% to $1,977.01 per ounce by 2:34 p.m. EDT (1834 GMT), after it rose to $2,002.89 earlier in the session.
The Global Precious Metals MMI has dropped by 8.74% month-over-month and while some metals are seeing an influx of buyer volume sending prices up, palladium is struggling to find support and remains in a long-term downtrend.