the gold price remains above $5,000. This support mainly comes from 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 to be released later Tuesday evening, as well as Federal Reserve Chairman Powell's speech on Wednesday.

FP Markets analyst Aaron Hill stated that if Powell clearly pushes back against political pressure and demonstrates a firm stance defending the Fed's independence, it may boost the dollar in the short term; whereas if his remarks lean towards supporting gradual rate cuts, it could further suppress the dollar's performance.