Gold prices remain steady above $5,000, as the market awaits Powell's speech and data guidance

The gold price remains above $5000. This support mainly comes from the safe-haven demand triggered by ongoing geopolitical risks, as well as widespread selling of currencies and sovereign bonds by investors. Investors are currently closely watching the U.S. consumer confidence data set to be released later on Tuesday, as well as Federal Reserve Chairman Powell's speech on Wednesday.

FP Markets analyst Aaron Hill stated that if Powell clearly rebuffs political pressure and demonstrates a firm stance in defending the independence of the Federal Reserve, it could boost the dollar in the short term; however, if his remarks lean towards supporting gradual rate cuts, it may further suppress the dollar's movement.