Gold prices struggled around their lowest for one month in Europe on Tuesday morning, undermined by liquidation and technical sales and while the dollar advanced to seven-week highs, traders said.
Pressure was seen throughout the precious metals sector – silver dropped to a five-week low while the PGMs were also around levels last seen over a month ago.
In currency markets, the dollar touched 1.1166 against the euro at one stage amid a growing perception that the US will tighten monetary policy sooner rather than later, with an interest-rate rise possible at next month’s FOMC meeting.
Spot gold fell conclusively below $1,250 to hit a low of $1,242 before settling recently at $1,243.40/1,243.70 per ounce, a $6.50 loss from the Monday close. Silver hit a low of $16.23 and was recently at $16.26/16.28, down 12 cents.
In the PGMs, the vestiges of enthusiasm from last week’s annual LPPM events have been offset by the general trends in precious and non-ferrous metals.
Platinum touched $1,005, the lowest for one month, and was last at $1,006/1,011 per ounce, down $6 from yesterday. Palladium fell to a six-week low of $544 and at $543/546 recently was $8 lower.
(Editing by Mark Shaw)
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Source: Bullion Desk News
