Gold prices fell on Tuesday, affected by the rise of the dollar and bond yields, amid a state of anticipation for central banks’ decisions regarding inflationary pressures.
And the price of gold in spot transactions fell 0.1% to $ 1805.06 an ounce (an ounce) by 0607 GMT. US gold futures were unchanged at $1806.00.
The precious metal jumped nearly 1% on Monday, recording 1809.66 an ounce, about four dollars more than its highest level in nearly a month, which it reached last week.
The dollar rose 0.1% today, after it fell to its lowest level in nearly a month in the previous session, which reduced the demand for gold for holders of other currencies.
“Gold will remain relatively well supported in the current inflation environment until the Federal Reserve takes a strong containment action,” said Stephen Innes, managing partner at SBI Asset Management.
He continued, “But if inflation spreads and gets out of control, the Reserve Board may raise prices quickly, and this would reduce demand in the gold market.”
Investors are now looking forward to Thursday’s European and Japanese central bank meeting, followed by the US Federal Reserve meeting next week and the Bank of England policy committee meeting. The US GDP data for the third quarter of the year is also expected.
precious metals prices
As for other precious metals, silver fell in spot transactions 0.4% to $ 24.46 an ounce. Platinum fell 0.6% to $ 1051.11 and palladium settled at $ 2050.46, unchanged.