Gold prices are trading slightly weaker early on Tuesday after soaring to a one-week high during the previous session as the safe haven appeal remained in focus over rising fears of the coronavirus outbreak’s impact on economic growth. At the time of writing GOLD is trading at a little above $1,568.

However, gold is trading in a bit of a range because of the strengthening in the US dollar, which shares a negative correlation with the precious metal. Meanwhile, rallies in gold prices remain contained as traders indulge in profit taking.

Markets are trading cautious as China reopens some of its factories and tries to bounce back to business as usual after remaining shut for an extended period of time in a bid to contain the spread of the virus. Gold is also trading cautious ahead of the Fed chairman’s testimony as markets look for clues about the US central bank’s outlook regarding the coronavirus outbreak and its economic impact.