Gold prices fell to $4,090 ahead of the European session on Tuesday after briefly reaching an all-time high of $4,179. This occurred as market participants cautiously awaited a speech by Fed Chairman Jerome Powell. With expectations that Powell might signal that the US central bank will remain cautious or cautious in easing interest rates, demand for safe-haven assets like gold has been depressed. Amidst sensitive market conditions, a slight change in tone from Powell could trigger a sharp reaction.
Furthermore, the strengthening of the US dollar also weighed on gold prices because gold is traded in dollars – the stronger the dollar, the more expensive gold becomes for holders of other currencies, reducing demand. Profit-taking by investors after the previous rally could also increase selling pressure. On the other hand, political and monetary policy influxes from various countries have added to the cautious sentiment in the precious metals market. (asd)
Source: Newsmaker.id
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