Gold retreats from gains, with Fed in view

Comex gold for August delivery GCQ3 +0.15%  eased $4.60, or 0.4%, to $1,278.90 an ounce, after having settled $5.90 higher in Monday’s session on the New York Mercantile Exchange.

However, HSBC analysts James Steel and Howard Wen said that the metal could make a move higher based on congressional testimony from Federal Reserve Chairman Ben Bernanke, slated for Wednesday and Thursday.

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