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Economy News Baghdad: Gold prices fell on Tuesday under pressure from the dollar, but concerns over geopolitical tensions in the Middle East and the Korean Peninsula limited losses. Gold alloys in Vienna on November 9, 2016. Photo by Leonard Fugger Reuters By 0706 GMT, spot gold fell 0.4 percent to $ 1289.20 an ounce, while the metal futures contract in December fell 0.9 percent to $ 1291.70 an ounce. The dollar rose against its counterparts on Tuesday, supported by rising yields on US Treasuries after a report that US President Donald Trump preferred to be the next chairman of the Federal Reserve, who tend to tighten monetary policy. A source familiar with the meeting said Trump was due to meet with Federal Reserve Chairman Janet Yellen on Thursday as part of a search for a new candidate for her post. Dollar interest rates are usually supported by rising interest rates and pushing bond yields higher, putting pressure on the yellow metal denominated in the US currency. Among other precious metals, silver fell 0.6 percent to $ 17.08 an ounce. Platinum was flat at $ 928.60 an ounce, while palladium rose 0.3 percent to $ 975.50 an ounce after hitting its highest level since February 2001 in the previous session. |
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