Gold Falls Amid Stalemate in U.S.-Iran Negotiations
The precious metals markets experienced a new decline in gold and silver prices during trading on Tuesday, driven by investor caution amid the prospects of a potential diplomatic rapprochement between the United States and Iran, following the recent escalation of geopolitical tensions.
Fall in Gold Futures
Gold futures for June delivery dropped by approximately 0.6%, or $29.50, settling at $4,799.30 per ounce.
In the spot market, the yellow metal also fell 0.9%, reaching $4,778.05 per ounce, confirming the ongoing selling pressure.
General Decline in Other Precious Metals
Silver followed a similar trend, with futures for May delivery declining by 1.5% to $79.40 per ounce, while the spot price decreased by 1.1% to $78.85 per ounce.
Platinum fell by 0.9% to $2,074.35 per ounce, whereas palladium lost 0.7%, settling at $1,557.95 per ounce.
Stability of the Dollar and Anticipation of U.S. Data
Meanwhile, the U.S. dollar index, which measures the performance of the currency against a basket of six major currencies, remained nearly stable at 98.13 points.
Investors are now awaiting the release of U.S. retail sales data, a key indicator of consumption. They are also closely monitoring Kevin Warsh’s testimony before the Senate Banking Committee regarding his potential appointment as the chairman of the Federal Reserve, a factor likely to influence monetary policy outlooks.
