• Gold prices edged up on Tuesday as the dollar crept lower, with investors turning their attention to testimony from U.S. Federal Reserve Chair Janet Yellen later in the day for hints on the central bank's interest rate strategy.
• Spot gold was up 0.3 percent at $1,228.90 per ounce at 0542 GMT, while U.S. gold futures rose 0.4 percent to $1,230.60.
• "The commentary will be keenly followed. Any guide to whether (a rate hike in) March is on the table will be key to moving gold," said ANZ analyst Daniel Hynes.
"I would not expect to see much volatility, don't think anyone is really confident enough to put on any sort of directional trades at the moment until they hear from Yellen."
• Dallas Fed President Robert Kaplan on Monday said the U.S. central bank should act soon to raise rates, or risk having to abandon its plan to do so slowly.
• Spot gold may test resistance at $1,230 per ounce, a break above which could lead to a gain to $1,235, according to Reuters technical analyst Wang Tao.
"(This) will be a year littered with political and economic minefields and we do not see a scenario where gold will experience a major sell-off back to the late 2016/early 2017 lows," said INTL FCStone analyst Edward Meir.
• Spot silver on Tuesday climbed 0.22 percent to $17.83 per ounce. The metal hit its highest since Nov.11 at $18 in the previous session.
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