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Gold futures fell Tuesday as U.S. traders returned from a three-day weekend, after retreating modestly last week after the Federal Reserve held its policy interest rate steady but signaled further hikes to come.
Price action
-
Gold for August delivery
GC00,
-1.35% GCQ23,
-1.35%
fell $7.80, or 0.4%, to $1,963.40 an ounce on Comex. U.S. markets were closed Monday for the Juneteenth holiday. -
July silver
SIN23,
-3.69%
was down 22.6 cents, or 0.9%, at $23.90 an ounce. -
July platinum
PLN23,
-2.73%
was down 1.9% at $968.40 an ounce, while September palladium
PAU23,
-2.98%
shed 1.3% to $1,398 an ounce. -
July copper
HGN23,
-0.48%
was off 0.4% at $3.875 a pound.
Market drivers
Gold fell 0.3% last week, but the overall hit to the metal following the Fed meeting was relatively contained despite the threat of further rate increases, said Thu Lan Nguyen, commodity analyst at Commerzbank, in a note.
“Probably this is partly because the market was anticipating further rate increases in any case, and partly because the extent to which monetary policy is set to be further tightened is not excessive,” Nguyen wrote.
