Gold ticks up on dollar dip

Gold edged up on Tuesday as the dollar eased but lacked clear momentum as traders positioned for US Federal Reserve Chair Jerome Powell's testimony later this week for more clues on the interest rate path, reports Reuters.
Spot gold rose 0.2 per cent to $1,953.99 per ounce by 12:25 GMT. US gold futures fell 0.3 per cent to $1,966.00.
While a weaker dollar was boosting gold, bullion was likely to hold in its range ahead of Powell's congressional testimony on Wednesday and Thursday, said Peter Fertig, an analyst with Quantitative Commodity Research.
The dollar was 0.1 per cent lower, making bullion cheaper for holders of other currencies.
"Further guidance on the U.S. rate outlook from the Fed chair should provide some direction to US Treasuries, which have been weakening following repricing of at least one more 25-bps rate hike this year," analysts at investment bank SP Angel wrote in a note.
Benchmark US yields were near session-lows. Higher interest rates increase the opportunity cost of holding non-yielding bullion.