Gold’s recent rally appears to be losing steam following Federal Reserve Chairman Jerome Powell’s semi-annual testimony before Congress. Currently, gold trades below the critical level of 2900. Powell’s remarks emphasized the effectiveness of current monetary policy in navigating market volatility. The market is closely observing the impact of his comments on gold prices, especially as concerns linger about potential inflation shocks. Traders should monitor gold’s performance and remain cautious as the market adjusts to these recent developments. The interplay between policy insights and gold prices remains a focal point for investors.