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Gold falls for the lowest price in 6 weeks as the dollar rises

UNITED STATES (OBSERVATORY) –¬†Gold fell to a six-week low on Tuesday as the dollar edged closer to a three-and-a-half-month high as investors waited to see the direction of US monetary policy from the Federal Reserve meeting.

At 0716 GMT, spot gold was down 0.3 percent at $ 1310.77 an ounce. Prices hit $ 1310.01 earlier in the session, their lowest level since March 21.

US gold futures for June delivery fell 0.5 percent to $ 1313.10 an ounce.

“The dollar’s recent rebound has had a negative impact on gold as the correction strength in the US dollar has taken most of the traders by surprise,” said Owens trading director Stephen Inse.

The dollar index was up 0.1 percent at 91.961 as investors awaited the US Federal Reserve’s decision and jobs data released later this week in search of fresh evidence of the strength of the US economy.

Silver fell 0.4 percent in spot trade to $ 16.24 an ounce. Prices touched a one-month low of $ 16.18 during the previous session.

Platinum fell 0.2 percent to $ 901.50 an ounce. Prices fell to $ 896.50 earlier in the session, the lowest since December 18, 2017.

Palladium dropped 0.7 percent to $ 958 an ounce. Prices touched a three-week low of $ 955.72 earlier in the day.