Fajarasia.co – Gold prices fell on late trading Tuesday, extending losses for a second straight day, as a stronger dollar and rising US government bond yields ahead of the Federal Reserve meeting dampened the yellow metal’s appeal.
The most active gold contract for August delivery on the Comex division of the New York Exchange, slumped 18.3 dollars, or one percent, to close at 1,813.50 dollars an ounce, settling at its lowest level in more than four weeks.
Gold futures fell 43.7 dollars, or 2.33 percent, to 1,831.80 dollars on Monday (13/6), after jumping 22.70 dollars, or 1.23 percent, to 1,875.50 dollars on Friday (10/10). 6), and slipped 3.7 dollars, or 0.2 percent, to 1,852.80 dollars on Thursday (9/6).
Traders are also awaiting the decision of the Federal Reserve’s two-day monetary meeting that will close on Wednesday when the annual inflation rate of 8.6 percent in May disappointed those expecting signs that inflation had peaked.
Economic data released on Tuesday (14/6) further reduced the appeal of gold. The US Department of Labor reported that US producer prices, a measure of inflation before reaching consumers, jumped 0.8 percent in May, following gains of 0.4 percent in April and 1.6 percent in March.
Another precious metal, silver for July delivery fell 30.1 cents, or 1.42 percent, to close at 20.954 dollars an ounce. Platinum for July delivery fell 21.6 dollars, or 2.32 percent, to close at 910.7 dollars an ounce.****
