2023-05-16 06:06:00
Analyst: The failure of the precious metal to stay above the previous record level shook confidence
Gold prices fell slightly today, Tuesday, following traders carefully studied the comments of Federal Reserve officials (the US central bank) regarding keeping interest rates high, while talks regarding raising the US debt ceiling and the risk of default limited the losses of bullion.
Spot gold prices fell 0.2%, to $2015.84 an ounce, by 04:52 GMT, while US gold futures fell 0.1% to $2020.40, according to Archyde.com.
Matt Simpson, a senior market analyst at City Index, said that members of the Federal Reserve played down the possibility of cutting interest rates this year, which pushed gold prices down slightly, adding that the failure of the precious metal to stay above the previous record level destabilized confidence.
The price of gold reached $2072.19 this month, hovering around its record level of $2072.49, following the Federal Reserve hinted that rapid interest rate increases might end.
And members of the US Central Bank indicated yesterday, Monday, that interest rates will remain high, and if new, they may rise once more, given the slow pace of low inflation rates and the economy, which shows only temporary signs of weakness.
Market participants are also closely following the developments in the discussions of raising the US debt ceiling, and US President Joe Biden is scheduled to hold talks in this regard with Republican politician Kevin McCarthy, Speaker of the House of Representatives, at 19:00 GMT today, Tuesday.
In terms of other precious metals, the spot silver price fell 0.4% to $24.01 an ounce, platinum fell 0.1% to $1063.76, while palladium settled at $1532.28.
1684220804
#Gold #fell #signals #Federal #Reserve #interest #rates #continue #rise