Gold prices fell slightly on Tuesday, after traders carefully studied comments by Federal Reserve officials about keeping interest rates high, while talks on raising the US debt ceiling and the risk of default limited bullion losses.
Spot gold prices fell 0.2 percent to $2,015.84 an ounce, while U.S. gold futures fell 0.1 percent to $2,020.40.
Matt Simpson, a senior market analyst at City Index, said Fed members have downplayed the likelihood of a rate cut this year, pushing gold prices slightly lower, adding that the precious metal's failure to stay above the previous record level shaking confidence.
The price of gold reached $ 2072.19 this month, hovering around its record level of $ 2072.49.
Source (Al-Arabiya.net Website, Edited)
