Synopsis
Gold prices fell 1% on Tuesday amid limited trading due to the Lunar New Year holiday in Asian markets and a stronger U.S. dollar. US gold futures also saw a decline. At the same time, silver, platinum and palladium prices also saw losses.
TIL CreationsGold prices fell 1% on Tuesday amid limited trading due to the Lunar New Year holiday in Asian markets and a stronger U.S. dollar.Gold fell 1% on Tuesday, as trading persisted in major Asian markets due to the Lunar New Year Holidayswhile a firmer dollar also put pressure on prices.
FUNDAMENTALS
* Spot gold fell 0.9% to $4,947.98 an ounce by 0110 GMT, after losing 1% earlier in the session.
* WE. Gold futures for April delivery lost 1.6% to $4,966.80 an ounce.
* THE American dollar The index rose 0.2% against a basket of currencies, making greenback-valued bullion more expensive for holders of other currencies.
*Markets in Mainland China, Hong Kong, Singapore, Taiwan and South Korea are closed for the Lunar New Year holiday. US markets were closed on Monday due to Presidents Day.
* Markets currently expect three rates of 25 basis points interest rate cuts by the US Federal Reserve this year, according to CME’s FedWatch tool. Non-yielding bullion tends to do well in low interest rate environments.
* Elsewhere, the American president Donald Trump said on Monday that he would be involved “indirectly” in negotiations between Iran and the United States on Tehran’s nuclear program scheduled for Tuesday in Geneva, adding that he believed Tehran wanted to reach a deal.
* Meanwhile, “Iran’s foreign minister met with the head of the U.N. nuclear watchdog on Monday, ahead of talks between Washington and Tehran aimed at resolving” a nuclear dispute, with few clear signs of compromise on either side and the looming threat of U.S. military action.
* Spotted Silver fell 2.7% to $74.51 an ounce, after falling more than 3% earlier.
* Spot platinum lost 0.8% to $2,025.05 an ounce, while palladium lost 1.5% to $1,698.10.
DATA/EVENTS (GMT)
0430 Japan Tertiary Ind Act NSA December
0700 Germany HCIP Final AA Jan
0700 Number of applicants in the United Kingdom Unem Chng Jan
0700 United Kingdom Unemployment rate ILO January
0700 HMRC UK Pay Change in January
08:00 Germany ZEW Economic sentiment, current conditions Feb.
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