Gold prices fell for the fourth session in a row with the positive stability of the dollar index
Gold futures traded in a tight range slipping towards the Asian session to stabilize near its lowest level in seven months amid the rise of the US dollar index and stability near the top in nearly a year according to the inverse relationship between them amid the markets look forward to the panel discussion on Wednesday , As part of the European Central Bank's central banking forum in Portugal.
Gold futures for August delivery fell 0.21% to trade at $ 1,275.90 per ounce from the opening at $ 1,278.60 an ounce. The US dollar index rose 0.06% to 95.07 from the opening at 95.01.
Investors are looking closely at what Federal Reserve Governor Jerome Powell will talk about in a panel discussion with ECB Governor Mario Draghi and BOJ Governor Haruhiko Kuroda as well as Central Bank of Australia Governor Philip Leu as part of the European Central Bank Which will be held at 2:30 pm GMT.
Investors are also looking forward to US housing data, which could reflect a rise in existing home sales by 1.3% to around 5.53 million in May from 2.5% to about 5.46 million in April, following the release of the first quarter reading Which may reflect a widening deficit to $ 129.0 billion compared to a deficit of $ 128.2 billion in the fourth quarter.