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Gold prices gained in Asia on Tuesday ahead of testimeony from the U.S. Federal Reserve chief to Congress and continued tension in the euro zone over Portugal.
On the Comex division of the New York Mercantile Exchange, goldfutures for August delivery traded at $1,308.70 a troy ounce, up 0.15%, after hitting an overnight session low of $1,304.10 and off a high of $1,340.70.
Gold prices recently shot up on safe-haven demand after the parent company of Portugal's largest bank, Banco Espírito Santo, said last week that it missed commercial paper payments.
The announcement rattled nerves across the globe, fueling concerns surrounding the soundness of the banking sector in Portugal as well as in Spain and Italy.
On Monday, gold dropped after the bank as well as Portuguese government and monetary authorities assured the world the country's financial system is not in crisis.
Meanwhile in the U.S., stocks rose on hopes for upbeat earnings this week, which also chipped away at gold's use as a hedge.
Silver for September delivery rose 0.23% at $20.962 a troy ounce. Copper futures for September delivery were down 0.02% at $3.253 a pound. - investing.com
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