On Tuesday, gold prices maintained a narrow range as markets braced themselves for additional monetary policy clues from Fed’s Chair Jerome Powell speech, meanwhile copper prices stabilised as focuses are squared on the trade data in China.

In his testimony pre-Congress today, Powell is expected to discuss the direction that interest rates will take in the following weeks. Although inflation unexpectedly surged in January, other economic indicators pointed to a slowing of the U.S. economy. As a result, the markets are uncertain about Fed’s stance.

Spot gold slipped by 0.1% to $1,844.49 per ounce, while gold futures dropped 0.1% to $1,849.95 per ounce. The two main gauges plunged by 0.3% on Monday.

Speaking of the industrial metals, copper prices muted after wrapping up a choppy session in on Monday. Copper futures slipped by 0.1% to $4.0728 a pound post earlier surge by 0.7%.

This week, attention will also be paid to the nonfarm payrolls report for February, as any indications of labour market strength will give the Fed more room to continue raising rates.