Benghazi – Gold prices fell in today’s trading on Tuesday, after reaching a six-week high in the previous session, amid profit-taking by investors and anticipation of statements from the Federal Reserve Chairman and economic data that may indicate a possible cut in interest rates.
Spot gold registered a decline of 0.3% to reach $4218.59 per ounce, after hitting its highest level since last October 21, while U.S. gold futures for December delivery fell by 0.5% to $4250 per ounce.
Gold, which yields no return, is known for its prices rising when interest rates fall. Statements from Federal Reserve Chairman Jerome Powell later today are expected to provide more signals on monetary policy.
As for other precious metals, silver fell by 1% to $57.40 per ounce, and platinum by 0.3% to $1652.05, while palladium rose by 0.22% to $1427.22 per ounce.