Gold falls as traders await details on rate increases
Metal slips to $1,232.31 amid a rise in the dollar as investors wait for more clues on the timing of any US rate increases in speeches by Federal Reserve officials
Bengaluru — Gold prices fell on Tuesday amid a rise in the dollar as investors awaited more clues on the timing of any US interest rate increases in a series of speeches by Federal Reserve officials this week. Spot gold fell 0.5% to $1,232.31/oz by 3.38am GMT, while US gold futures also fell 0.4% to $1,233.60/oz. The dollar index rose 0.3% to 101.22. "US economic data is currently the driving force behind gold," Heraeus Metal Management said in a note. "Fed chief Janet Yellen recently signalled that the US economy was prepared for an early increase in key interest rates. Economic data confirming this assessment will put a strain on the gold price in the coming weeks and months," Heraeus said. The heads of five regional US Federal Reserve branches are scheduled to speak this week. In addition, Fed board governor Jerome Powell speaks on Wednesday, when minutes of the last policy meeting are also due. Cleveland Fed president Loretta Mester said on Monday she would be comfortable raisin...
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