for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

PRECIOUS-Gold holds still as focus remains on wider rate-hike narrative

    * 10-year U.S. Treasury yields rise after holiday
    * Fed Chair Jerome Powell to testify later this week
    * U.S. dollar drops for second consecutive session

 (Recasts, adds comments, updates details and prices)
    By Bharat Gautam
    June 21 (Reuters) - Gold prices were flat on Tuesday as
investors kept a keen eye on major central banks' stance on
interest-rate hikes to get a clearer outlook for bullion. 
    Spot gold        was steady at $1,838.26 per ounce by 0502
GMT, after trading largely range-bound on Monday. U.S. gold
futures        were little changed at $1,839.90.
    "The (gold) market is sitting tight as policymakers — after
a historic week for global central banks — will get to explain
the reasoning behind their decisions this week," said Stephen
Innes, managing partner at SPI Asset Management.              
    A series of surprise actions by some of the world's largest
central banks fretting about runaway inflation has left bond
investors battered. Now, a growing chorus of investors is
calling on policymakers to move fast to end the uncertainty.
             
    Federal Reserve Chair Jerome Powell will testify in
Washington D.C. later this week after the U.S. central bank
approved its largest rate hike in more than a quarter of a
century, earlier this month.                          
    Although bullion is often seen as an inflation hedge, higher
interest rates and bond yields increase the opportunity cost of
holding gold, which yields nothing.
    "While the street does not expect Powell to reinvent the
policy wheel, we could expect him to reinforce the idea that the
Fed is in data-dependent mode. Hence, gold and every
interest-rate sensitive risk asset will be subject to headline
risk," Innes said. 
    The dollar        eased slightly, making greenback-priced
bullion more attractive for buyers holding other currencies.
       
    However, benchmark U.S. 10-year Treasury yields            
rose, preventing any gains in gold.       
    "The risk-off sentiment is not supportive, with gold and
equity markets moving in tandem. Nevertheless, further weakness
coupled with slowing economic growth should enhance gold's haven
appeal," ANZ Research said in a note.             
    Spot silver        rose 0.3% to $21.65 per ounce, platinum
       gained 0.3% to $934.07, and palladium        climbed 1.4%
to $1,871.84.

 (Reporting by Bharat Govind Gautam in Bengaluru; Editing by
Shailesh Kuber, Rashmi Aich and Uttaresh.V)
  
for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up