Gold prices fell at the settlement of trading today, Tuesday, amid expectations of more interest rate hikes by the Federal Reserve, and the strength of the dollar.
Upon settlement, gold futures fell by 0.4% to $1,842.5 an ounce.
And the yellow metal trimmed its gains since the beginning of this year, to only 0.9%.
Gold’s losses coincided with the rise of the dollar near its highest level in 6 weeks, which made the yellow metal more expensive for holders of other currencies.
Attention is drawn to the minutes of the Federal Reserve meeting, which is scheduled to be issued tomorrow, Wednesday, as the US Central Bank decided during its meeting at the beginning of this month to raise interest rates by regarding 25 basis points, to a level ranging between 4.5% and 4.75%.
For its part, Commerzbank lowered its forecast for gold prices in the first half of this year to $1,800 an ounce, but expected a gradual increase to $1,950 an ounce in the second half.
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