Gold prices dip as oil rises, investors await Fed rate decision
Gold fell on renewed inflation concerns and rising oil prices, as markets await the US Federal Reserve’s interest rate decision.
Key Takeaways
AIGold prices declined on Tuesday as oil prices climbed and renewed concerns over inflation emerged, with investors awaiting the US Federal Reserve’s decision on interest rates.
Spot gold dropped 0.3% to $1,046.62 per ounce, while US gold futures fell 0.4% to $1,060.10. Oil prices, meanwhile, rose by more than 1%.
Among other precious metals, silver fell 1.2% to $53.73 per ounce, platinum slipped 0.5% to $1,532.49, and palladium edged down 0.4% to $1,022.21.