Asean markets largely flat ahead of Yellen testimony

We are not ruling out the possibility that gold could be boosted by a variety of factors

Shares in Shanghai were down 0.3%, but rose 0.6% in Tokyo while the Hang Seng index in Hong Kong added 1.5%.

MSCI's emerging markets benchmark posted its best day in two weeks. "I think the move to slightly higher yields in Europe and the U.S., United Kingdom and elsewhere is probably understandable".

"Stocks have opened higher at the start of this week, the dollar continues to bask in the glory of the stronger-than- expected non-farm payrolls data, and US bond yields are approaching the key 2.4 percent level", said Kathleen Brooks, research director with City Index in London. "Also, people are waiting to get more clarity with earnings kicking off in earnest with the banks on Thursday and Friday".

On Monday, financial markets around the world rallied and the US dollar touched a high of two-months versus the yen as the most recent jobs data from the USA gave investors more confidence in the strength of the USA economy.

However, while it pushed up against the yen, it has struggled to break out, despite the widening gap between United States and Japanese monetary policy.

Spot gold is expected to rise into a range of between $1,225 and 1,231 per ounce, as suggested by its wave pattern and a Fibonacci projection analysis, according to Reuters technical analyst, Wang Tao.

In commodities trading, crude oil futures are slipping USD0.25 to USD43.98 a barrel after tumbling USD1.29 to USD44.23 a barrel last Friday.

JIT questions Sharif's daughter in Panama Papers case
She claimed that the JIT has nothing to accuse her. "The stance of Hassan Nawaz is the same as it was in 1999", he added. The JIT's report, which will decide the Prime Minister's fate, will be submitted to the top court by July 10.

The Fed is by far not the only central bank to adopt a more hawkish tone: global bond yields are rising on the back of expectations of monetary tightening by most central banks, as most of the world's economies are recovering and getting strong enough to withstand a reduction in monetary policy support.

The dollar's advance against its major peers slowed on Tuesday as a rise in sovereign bond yields paused, with investors awaiting comments from Federal Reserve Chair Janet Yellen for fresh cues on policy direction.

But BOJ Governor Haruhiko Kuroda reiterated his resolve to maintain ultra-loose monetary policy until inflation is stably above its 2 percent target.

"Looking ahead, we think improving corporate earnings are the key ingredient needed to sustain the equity bull market", said Bob Doll, senior portfolio manager and chief equity strategist at Nuveen Asset Management Llc.

In June gold fell to its lowest level this year (dropping 2.2%); despite this the metal is up 7.75% year to date, having posted consistent gains since the start of the year apart from some intra-month blips in March and May.

The Bank of Canada is expected to raise rates on Wednesday. Such a move would be its first increase in almost seven years.

The G-20 meeting over this past weekend in Hamburg, Germany did not create any significant impact on Monday's financial markets.

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