The price of gold drops as the dollar gains and wins

(Reuters) – The price of gold fell on Tuesday as the dollar rose and some investors sold the yellow metal for profit before the US Federal Reserve meeting next week.

By 5:48 am GMT, spot gold fell 0.7% to $ 1415.15 an ounce. Gold in US futures fell 0.8% to 1415.40 dollars.

The dollar index rose 0.2%, reaching its highest level in nearly two weeks, exerting pressure on gold prices, as the cost of precious metals increased for holders of gold. 39, other currencies.

Gold briefly surpbaded the $ 1,450 for the first time in more than six years last week, after New York Federal Reserve Chairman John Williams had hoped for a significant reduction in cash rates. interest.

But Williams said his comments were not about immediate action at the next meeting.

The US central bank is generally expected to cut interest rates at its meeting ending July 31, but expectations of a 50 basis point cut have increased and reflected because of explicit signals from Federal Reserve decision-makers.

For other precious metals, silver fell 0.8% to $ 16.21 ounces and platinum 0.7% to $ 838.50.

Palladium fell 0.6% to $ 1519.90 an ounce.

(Reuters)