Gold prices edged up slightly on Tuesday as investors await Federal Reserve Chair Jerome Powell’s testimony to Congress and the upcoming U.S. June inflation data for insights into future interest rate decisions. The market is particularly sensitive to any unexpected dovish comments from Powell, which could push gold closer to $2,400 per ounce. However, persistent inflation could lead to a reversal of recent gains. Current market expectations, influenced by rising unemployment rates, suggest a high probability of a rate cut in September, with another expected by December. These factors continue to be the primary drivers of gold prices in the short term.