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Gold Falls on US Interest Rate Expectations
Gold prices fell on Tuesday amid expectations of further US interest rate
increases this year.
Spot gold fell 0.2 percent to $ 1317.86 an ounce by 0655 GMT. Last week, the metal touched its highest level since September 15 at $ 1325.86 an ounce.
Gold in US futures fell 0.1 percent to $ 1318.90 an ounce.
The dollar hit a one-week high against a basket of other major currencies on Monday. The dollar index stood at 92.342 on Tuesday.
NEW YORK (Reuters) - Investors are betting on new US interest rate hikes after Friday's jobs data, which gave no reason to change expectations of monetary policy tightening by the Federal Reserve.
Gold is heavily influenced by higher interest rates as it increases the cost of alternative opportunities for non-yielding metal holders while the greenback strengthens the yellow metal.
The spot price of silver fell 0.3 percent to $ 17.08 an ounce.
Platinum fell 0.8 percent to $ 964.35 an ounce, after hitting a three-and-a-half-month high of $ 973.60 an ounce on Monday.
Palladium rose 0.7 percent to $ 1108.22 an ounce, after hitting a record high of $ 1111.40 an ounce.
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