Matt Simpson, senior market analyst at City Index, said members of the Federal Reserve have played down the possibility of interest rate cuts this year, which has pushed gold prices slightly lower, adding that the precious metal’s inability to stay above the previous record level has shaken confidence.
And members of the US Central Bank indicated yesterday, Monday, that interest rates will remain high, and if new, they could go up, given the sluggishness of low inflation rates and the economy , which shows only temporary signs of weakness.
Market participants are also closely watching developments in the talks on raising the US debt ceiling, and US President Joe Biden is expected to speak to Republican politician Kevin McCarthy, Speaker of the House of Representatives, about this. at 7:00 p.m. GMT, Tuesday.
price movement
Spot gold prices fell 0.2% to $2015.84 an ounce, at 0452 GMT, while US gold futures fell 0.1% to 2020.40 dollars.
The price of gold hit $2,072.19 this month, hovering around its all-time high of $2,072.49, after the Federal Reserve hinted that rapid interest rate increases may end.
In terms of other precious metals, the spot price of silver fell 0.4% to $24.01 an ounce, platinum fell 0.1% to $1063.76, while the palladium price stood at $1532.28 an ounce.
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