Investing.com – Gold prices fell on Tuesday as the dollar held steady ahead of PPI and CPI data on Wednesday.
for June delivery on the Comex division of the New York Mercantile Exchange was down $2.3, or 0.2%, to $1,311.80 a troy ounce by 12:30AM ET (04:30 GMT).
The that tracks the greenback against a basket of six major currencies rose 0.05% to 92.66. The greenback climbed to its highest level this year at 92.82 overnight.
Dollar-denominated assets such as gold are sensitive to moves in the dollar – a gain in the dollar makes gold more expensive for holders of foreign currency and thus decreases demand for the precious metal.
In other precious metal trade, fell 0.12% to $16.475 a troy ounce, and slipped 0.18% to $910.40 an ounce.
Events to look out this week for the greenback’s movement include U.S. President Trump’s decision on whether to withdraw from the Iran deal later in the day. U.S. withdrawal would mean unclear geopolitical developments in the Middle East that can weigh down the dollar. The U.S. is also due to release its PPI and CPI data on Wednesday and Thursday respectively.
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Source: Investing.com
