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Gold and Silver fell 1%

ByVictoria

Gold fell over 1% on Tuesday after hitting a near four-week high, pressured by a firmer dollar as investors grew cautious ahead of a potential call between U.S. President Donald Trump and Chinese leader Xi Jinping.

Spot gold fell 1.1% to $3,340.79 an ounce as of 10:21 a.m. ET (1421 GMT), after hitting its highest since May 8, earlier in the session.

“We are moving into this period that is well known to be the summer doldrums, so there’s an expectation that the gold market could fall into a bit of a lull or a sideways consolidation,” said David Meger, director of metals trading at High Ridge Futures.

“I believe the Fed is ready to begin to cut rates again, but more than likely not until September…that is another factor likely to weigh on the dollar and support gold,” Meger added.

Spot silver fell 1.2% to $34.37 an ounce

Platinum lost 0.4% to $1,059.32, while palladium was up 1.4% at $1,003.10.

Source – Reuters

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