Gold settles lower as dollar strengthens; silver drops 5%
Gold and silver bars
Gold and silver prices closed lower on Tuesday as the US dollar climbed to its highest level in more than a year, amid growing market expectations that the Federal Reserve will continue raising interest rates.
Precious metals came under pressure despite a decline in oil prices following progress in talks between the United States and Iran. However, markets are increasingly focused on the outlook for US monetary policy rather than developments in the Middle East.
Investors are awaiting the release of core Personal Consumption Expenditures (PCE) data—the Federal Reserve’s preferred inflation gauge—on Thursday for further clues on the path of interest rates.
|
Futures Prices at Settlement |
|||
|
Metal |
Price ($/Ounce) |
Change ($) |
Change (%) |
|
Gold (August Futures) |
4,149.40 |
(53.30) |
(1.27%) |
|
Silver (June Futures) |
62.02 |
(3.507) |
(5.35%) |
Commodity Price
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