Gold (XAU/USD) is trading within a tight range on Wednesday, as markets continue to show signs of optimism following Tuesday's ceasefire between Israel and Iran.
At the time of writing, Gold is holding above $3,300 during the European session, with volatility remaining subdued. Market focus is now on key US macroeconomic releases and the second day of testimony from Federal Reserve Chair Jerome Powell.
With tensions in the Middle East appearing to remain subdued, Wednesday's economic data releases and comments from Powell could serve as an additional catalyst for Bullion.
US New Home Sales data for May, due at 14:00 GMT, could serve as an additional catalyst for the Gold price. This report provides clues into how strongly the US housing market appears to be holding up.
Meanwhile, Jerome Powell returns to Capitol Hill to speak before the US Senate Committee on Banking, Housing, and Urban Affairs, where any shift in tone or mention of inflation risks could drive interest rate-sensitive assets, including Gold.
Source: FXStreet
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