Gold prices ease on stronger dollar awaiting US Fed decision on interest

By Nada Ali On Jun 12, 2023

An employee holds a 1-kilogram gold bar in the precious metals vault at Pro Aurum KG in Munich, Germany — Image Credits to Andreas Gebert | Bloomberg via Getty Images

Gold prices decreased on Monday as U.S. dollar rose, and investors positioned for a series of major central bank policy meetings this week, as spot gold fell 0.3 percent to $1,954.78 per ounce by 0235 GMT. U.S. gold futures fell 0.4 percent to $1,969.10.

“While the Fed is expected to hold their interest rate, they are unlikely to deliver a dovish undertone required to tempt gold bulls back to the table in a meaningful way,” said Matt Simpson, senior market analyst at City Index.

For other precious metals, silver in instant transactions fell 0.7 percent to $24.0993 per ounce, platinum lost 0.6 percent to $1002.22, and palladium fell 0.7 percent to $1,313.77 after hitting its lowest since May 2019 on Friday.