Federal Reserve Chairman Jerome Powell's recent testimony provided little insight into the timing of potential interest rate cuts, leading to a modest gain in gold futures.

"After a lack of progress toward our 2% inflation objective in the early part of this year, the most recent monthly readings have shown modest further progress,"   J. Powell’s testimony at the Senate Banking Committee

Gold futures experienced a sharp decline on Monday, shedding $34 to settle at $2,363.50 for the most active August contract. This drop came despite recent economic indicators suggesting a cooling inflation rate and a contracting U.S.