Gold prices fell during these moments of trading, today, Tuesday, to the lowest level in almost a week, with the rise in the dollar index and the slowdown in demand for the yellow metal as a safe haven.

Investors are awaiting comments from US Federal Reserve officials, including Chairman Jerome Powell, for more clarity on interest rate expectations.

Gold between the dollar and geopolitical tensions

The dollar rose about 0.25% after hitting a six-week low in the previous session, making gold more expensive for holders of other currencies.

“Right now it's still about geopolitical risk, and those risk spreads seem to have narrowed a little bit and that's reflected in prices,” said Kyle Rodda, financial markets analyst at Capital.com.

Israel said it would consider small tactical pauses in the fighting in Gaza to facilitate the entry of aid or the release of prisoners, but it again rejected calls for a general ceasefire despite mounting international pressure after its strikes led to a severe humanitarian crisis in the Gaza Strip with a high number of casualties. To more than 10,000 dead, most of them children.

Meanwhile, investors have become more confident that the Federal Reserve may finish raising interest rates after weak US nonfarm payrolls data for October last week.

Lisa Cook, a member of the Federal Reserve Board of Governors, confirmed that the recent rise in long-term US bond yields does not appear to be driven by investors’ expectations of further increases in interest rates.

Investors are now waiting to see if Powell, who is scheduled to speak on Wednesday and Thursday, will maintain the more dovish tone he took after the Fed's meeting last week.

While the world's largest gold-backed exchange-traded fund, SPDR Gold Trust, reported that its holdings rose 0.50% to 867.57 tons on Monday.

Gold at settlement yesterday

Gold prices fell at the settlement of trading yesterday, Monday, with the rise in the dollar index and US bond yields.

Upon settlement, gold futures for December delivery fell by 0.55%, or $10.6, at $1,988.6 per ounce, after touching $1,986.7.

Gold and the dollar at 11:10 am Saudi time

Gold futures fell 0.68% to $1,975 an ounce.

Meanwhile, spot gold contracts fell by 0.46% to $1,969 per ounce.

On the other hand, the dollar index rose by 0.25% to 105.30 points.

other metals

Silver in spot transactions fell 0.8 percent to $22.85 per ounce, platinum fell 0.5 percent to $900.42, and palladium fell 0.5 percent to $1,101.42.