Gold prices fell during these moments of trading today, Tuesday, coinciding with the rise in the US dollar index, although trading was somewhat calm as markets searched for more signs on the path of the US Federal Reserve’s monetary policy after the expected halt in interest rates. Wide range this month.

Gold and dollar now

Gold futures fell 0.1% to $1,962 an ounce.

Meanwhile, spot gold contracts fell by 0.08% to $1,936 per ounce.

On the other hand, the dollar index rose by 0.3% to 104.367 points.

Gold at settlement yesterday

Gold prices trended toward a slight decline at the end of today's trading amid thin trading, supported by a slight decline in the dollar.

Gold fell in US futures contracts at settlement by 0.1% to $1,965.70 per ounce, while most US markets were closed on the occasion of the Labor Day holiday.

The Federal Reserve is likely done raising interest rates, traders bet on Friday after a jump in America's unemployment rate and moderate wage growth suggested labor market conditions were improving.

Further decline in prices

The possibility of US interest rates remaining higher for a longer period will limit the rise in gold prices, said Harshal Barot, senior advisor at Metals Focus.

Parrott added: If the US economy witnesses a smooth decline, there is a possibility of a further decline in gold.

Recent US economic data supported bets on a soft landing scenario, as concerns about inflation and recession have subsided somewhat, and bolstered expectations that the Federal Reserve may not have to raise interest rates further.

Investors will receive cues on interest rates from Federal Reserve officials who will speak this week, ahead of the policy meeting on September 19-20.

Gold, which does not earn any interest, loses its appeal when interest rates rise.

The US dollar index settled just below the 104.447 level it reached on August 25, which was the highest since early June, making dollar-denominated gold more expensive for foreign buyers.

other metals

Spot silver fell 0.5 percent to $23.86 an ounce, platinum fell 0.7 percent to $947.55, and palladium settled at $1,221.66.